T&D Holdings Inc. reported a 3.2% year-over-year increase in net profit for the fiscal year ended March 31, as extraordinary losses dropped.
The company said profit attributable to its owners increased to ¥77.58 billion, or ¥121.81 per share, from ¥75.19 billion, or ¥115.59 per share.
Ordinary profit for the period fell to ¥156.48 billion from ¥157.23 billion. Ordinary revenues also dropped year over year, to ¥1.928 trillion from ¥1.976 trillion.
The company's investment income amounted to ¥372.75 billion, down from ¥402.71 billion in the prior-year period. Meanwhile, ordinary expenses fell to ¥1.772 trillion from ¥1.819 trillion. Income from insurance premiums fell to ¥1.484 trillion from ¥1.505 trillion.
The company's extraordinary losses more than halved to ¥16.51 billion from ¥35.37 billion in the fiscal year ended March 31, 2017.
As of March 31, consolidated solvency margin ratio was 1,061.8%, compared to 1,105.1% at the end of the prior fiscal year.
T&D Holdings units Taiyo Life Insurance Co. and Daido Life Insurance Co. reported net profits of ¥30.4 billion and ¥44.5 billion, respectively, for the fiscal year, compared to ¥28.9 billion and ¥43.1 billion for the prior fiscal year.
For the fiscal year ended March 31, the company declared a final dividend of ¥20 per share, up from ¥17.50 per share for the prior fiscal year. Together with an interim dividend of ¥17.50 per share, the company's total dividend amounted to ¥37.50 per share, up from ¥32.50 per share for the prior fiscal year.
T&D Holdings said it expects its net profit for the fiscal year ending March 31, 2019, to come in at ¥79 billion, or ¥126.97 per share. Ordinary profit is expected to be ¥156 billion, while ordinary revenues are forecast to be ¥2.130 trillion. The company expects to pay an annual dividend of ¥40 per share for the fiscal year ending March 31, 2019.
Meanwhile, T&D Holdings plans to repurchase up to 13 million shares, or 2.09% of its total outstanding shares, for up to ¥17 billion. The company will repurchase the shares from May 16 to Aug. 31 through open market repurchases.
As of May 14, US$1 was equivalent to ¥109.61.
