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Higashimaru fiscal Q4 loss narrows YOY

Higashimaru Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥5.31 per share, compared with a loss of ¥9.56 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥25.0 million, compared with a loss of ¥45.0 million in the year-earlier period.

The normalized profit margin increased to negative 1.0% from negative 2.6% in the year-earlier period.

Total revenue climbed 41.8% year over year to ¥2.50 billion from ¥1.76 billion, and total operating expenses rose 40.4% on an annual basis to ¥2.56 billion from ¥1.82 billion.

Reported net income totaled a loss of ¥34.0 million, or a loss of ¥7.23 per share, compared to a loss of ¥16.0 million, or a loss of ¥3.40 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥86.21 per share, a gain of 41.1% from ¥61.11 per share in the prior year.

Normalized net income was ¥405.6 million, a rise of 41.1% from ¥287.5 million in the prior year.

Full-year total revenue grew 17.5% from the prior-year period to ¥11.52 billion from ¥9.80 billion, and total operating expenses increased 16.9% year over year to ¥10.96 billion from ¥9.37 billion.

The company said reported net income decreased 19.0% on an annual basis to ¥349.0 million, or ¥74.18 per share, in the full year, from ¥431.0 million, or ¥91.60 per share.

As of June 26, US$1 was equivalent to ¥123.96.