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Misawa Homes fiscal Q4 profit falls YOY

Misawa Homes Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥129.78 per share, a decline from ¥132.32 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.85 billion, a decrease from ¥4.92 billion in the year-earlier period.

The normalized profit margin was 3.7%.

Total revenue came to ¥130.99 billion, compared with ¥132.10 billion in the year-earlier period, and total operating expenses totaled ¥123.29 billion, compared with ¥124.26 billion in the year-earlier period.

Reported net income declined 27.8% year over year to ¥5.71 billion, or ¥152.78 per share, from ¥7.90 billion, or ¥212.39 per share.

For the year, the company's normalized net income totaled ¥93.61 per share, a fall of 55.3% from ¥209.60 per share in the prior year.

Normalized net income was ¥3.49 billion, a decrease of 55.2% from ¥7.79 billion in the prior year.

Full-year total revenue decreased year over year to ¥409.79 billion from ¥426.03 billion, and total operating expenses fell on an annual basis to ¥403.97 billion from ¥413.19 billion.

The company said reported net income declined 68.2% year over year to ¥3.31 billion, or ¥88.72 per share, in the full year, from ¥10.40 billion, or ¥279.92 per share.

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