Morinaga & Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥10.65 per share, a decrease of 24.9% from ¥14.18 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥554.5 million, a decline of 24.9% from ¥738.3 million in the year-earlier period.

The normalized profit margin declined to 1.3% from 1.7% in the year-earlier period.

Total revenue grew year over year to ¥43.21 billion from ¥42.73 billion, and total operating expenses rose year over year to ¥42.60 billion from ¥41.72 billion.

Reported net income fell 13.1% year over year to ¥397.0 million, or ¥7.63 per share, from ¥457.0 million, or ¥8.78 per share.

For the year, the company's normalized net income totaled ¥147.83 per share, an increase of 92.8% from ¥76.67 per share in the prior year.

Normalized net income was ¥7.69 billion, a gain of 92.8% from ¥3.99 billion in the prior year.

Full-year total revenue increased year over year to ¥181.87 billion from ¥177.93 billion, and total operating expenses came to ¥170.46 billion, compared with ¥172.04 billion in the year-earlier period.

The company said reported net income rose on an annual basis to ¥8.09 billion, or ¥155.46 per share, in the full year, from ¥3.81 billion, or ¥73.10 per share.

As of June 29, US$1 was equivalent to ¥102.64.