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Wealth Management swings to loss in fiscal Q4

Wealth Management Inc. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 60 Japanese sen per share, compared with ¥18.96 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 ¥2.5 million, compared with income of ¥77.5 million in the year-earlier period.

The normalized profit margin declined to negative 0.9% from 23.0% in the year-earlier period.

Total revenue fell 18.4% on an annual basis to ¥275.0 million from ¥337.0 million, and total operating expenses increased 53.8% from the prior-year period to ¥326.0 million from ¥212.0 million.

Reported net income fell 61.4% on an annual basis to ¥51.0 million, or ¥12.33 per share, from ¥132.0 million, or ¥32.29 per share.

For the year, the company's normalized net income totaled a loss of ¥3.48 per share, compared with ¥2.95 per share in the prior year.

Normalized net income was a loss of ¥14.4 million, compared with income of ¥9.4 million in the prior year.

Full-year total revenue grew 42.7% from the prior-year period to ¥1.19 billion from ¥837.0 million, and total operating expenses grew 52.9% on an annual basis to ¥1.25 billion from ¥814.0 million.

The company said reported net income declined 31.8% year over year to ¥15.0 million, or ¥3.63 per share, in the full year, from ¥22.0 million, or ¥6.92 per share.

As of June 24, US$1 was equivalent to ¥124.31.