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Kose RE Co. swings to loss in fiscal Q4

Kose R.E. Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to a loss of ¥2.30 per share, compared with ¥14.53 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥18.5 million, compared with income of ¥117.8 million in the year-earlier period.

The normalized profit margin declined to negative 1.9% from 6.5% in the year-earlier period.

Total revenue decreased 45.8% on an annual basis to ¥977.0 million from ¥1.80 billion, and total operating expenses declined 38.9% from the prior-year period to ¥980.0 million from ¥1.60 billion.

Reported net income came to a loss of ¥2.4 million, or a loss of 30 sen per share, compared to income of ¥130.4 million, or ¥16.09 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥52.15 per share, a gain of 26.3% from ¥41.30 per share in the prior year.

Normalized net income was ¥423.1 million, a gain of 26.5% from ¥334.4 million in the prior year.

Full-year total revenue increased 12.1% year over year to ¥6.37 billion from ¥5.68 billion, and total operating expenses grew 10.2% year over year to ¥5.63 billion from ¥5.11 billion.

The company said reported net income rose 40.4% on an annual basis to ¥446.2 million, or ¥54.99 per share, in the full year, from ¥317.9 million, or ¥39.26 per share.

As of April 24, US$1 was equivalent to ¥118.99.