Nippon Piston Ring Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥24.30 per share, a gain from ¥1.24 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥200.3 million, an increase from ¥10.3 million in the year-earlier period.

The normalized profit margin climbed to 1.5% from 0.1% in the year-earlier period.

Total revenue rose 9.0% year over year to ¥13.55 billion from ¥12.43 billion, and total operating expenses increased 7.2% on an annual basis to ¥13.22 billion from ¥12.33 billion.

Reported net income declined 75.4% year over year to ¥76.0 million, or ¥9.22 per share, from ¥308.8 million, or ¥37.50 per share.

For the year, the company's normalized net income totaled ¥166.05 per share, an increase of 23.4% from ¥134.56 per share in the prior year.

Normalized net income was ¥1.37 billion, a gain of 23.5% from ¥1.11 billion in the prior year.

Full-year total revenue rose year over year to ¥51.66 billion from ¥50.43 billion, and total operating expenses grew year over year to ¥49.71 billion from ¥48.67 billion.

The company said reported net income rose 60.8% year over year to ¥2.17 billion, or ¥263.70 per share, in the full year, from ¥1.35 billion, or ¥164.20 per share.

As of June 25, US$1 was equivalent to ¥123.71.