Tokyotokeiba Co. Ltd. said its fourth-quarter normalized net income amounted to ¥18.99 per share, a decline of 32.2% from ¥28.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥542.5 million, a decline of 32.2% from ¥800.6 million in the prior-year period.

The normalized profit margin dropped to 12.1% from 17.4% in the year-earlier period.

Total revenue fell on an annual basis to ¥4.48 billion from ¥4.59 billion, and total operating expenses climbed 9.3% from the prior-year period to ¥3.62 billion from ¥3.31 billion.

Reported net income increased 5.7% year over year to ¥186.0 million, or ¥6.51 per share, from ¥176.0 million, or ¥6.16 per share.

For the year, the company's normalized net income totaled ¥102.69 per share, a gain of 9.2% from ¥94.05 per share in the prior year.

Normalized net income was ¥2.93 billion, a gain of 9.2% from ¥2.69 billion in the prior year.

Full-year total revenue increased on an annual basis to ¥18.45 billion from ¥17.80 billion, and total operating expenses grew on an annual basis to ¥13.73 billion from ¥13.47 billion.

The company said reported net income increased 40.8% year over year to ¥2.58 billion, or ¥90.21 per share, in the full year, from ¥1.83 billion, or ¥64.06 per share.

As of March 29, US$1 was equivalent to ¥113.44.