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Pressance swings to loss in fiscal Q4

Pressance Corp. Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 62 Japanese sen per share, compared with ¥12.51 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥38.1 million, compared with income of ¥769.4 million in the year-earlier period.

The normalized profit margin fell to negative 0.5% from 8.0% in the year-earlier period.

Total revenue decreased 13.5% on an annual basis to ¥8.30 billion from ¥9.59 billion, and total operating expenses came to ¥8.29 billion, compared with ¥8.35 billion in the prior-year period.

Reported net income came to a loss of ¥56.2 million, or a loss of 91 sen per share, compared to income of ¥733.7 million, or ¥11.93 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥122.49 per share, a gain of 17.1% from ¥104.60 per share in the prior year.

Normalized net income was ¥7.54 billion, an increase of 17.5% from ¥6.42 billion in the prior year.

Full-year total revenue increased 26.8% year over year to ¥65.64 billion from ¥51.76 billion, and total operating expenses grew 28.9% on an annual basis to ¥53.38 billion from ¥41.42 billion.

The company said reported net income grew 23.4% year over year to ¥7.76 billion, or ¥126.05 per share, in the full year, from ¥6.29 billion, or ¥102.50 per share.

As of June 23, US$1 was equivalent to ¥123.88.