Morinaga Milk Industry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥3.58 per share, a gain from 41 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥176.8 million, an increase from ¥20.4 million in the year-earlier period.

The normalized profit margin climbed to 0.1% from 0.0% in the year-earlier period.

Total revenue fell on an annual basis to ¥131.47 billion from ¥133.14 billion, and total operating expenses totaled ¥131.63 billion, compared with ¥132.84 billion in the year-earlier period.

Reported net income came to a loss of ¥374.1 million, or a loss of ¥7.61 per share, compared to a loss of ¥777.8 million, or a loss of ¥15.75 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥101.80 per share, a decline of 34.7% from ¥155.80 per share in the prior year.

Normalized net income was ¥5.04 billion, a decrease of 34.6% from ¥7.72 billion in the prior year.

Full-year total revenue totaled ¥594.83 billion, compared with ¥599.27 billion in the prior year, and total operating expenses totaled ¥588.03 billion, compared with ¥587.29 billion in the prior-year period.

The company said reported net income decreased 14.0% year over year to ¥4.17 billion, or ¥84.05 per share, in the full year, from ¥4.84 billion, or ¥97.70 per share.

As of June 29, US$1 was equivalent to ¥122.67.