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Ocean System fiscal Q4 profit falls YOY

Ocean System Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥7.05 per share, a decline of 29.7% from ¥10.03 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥69.4 million, a decline of 29.7% from ¥98.8 million in the prior-year period.

The normalized profit margin declined to 0.6% from 0.9% in the year-earlier period.

Total revenue totaled ¥10.84 billion, compared with ¥10.77 billion in the year-earlier period, and total operating expenses rose year over year to ¥10.75 billion from ¥10.63 billion.

Reported net income came to a loss of ¥339.0 million, or a loss of ¥34.44 per share, compared to a loss of ¥62.0 million, or a loss of ¥6.30 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥54.54 per share, a fall from ¥56.32 per share in the prior year.

Normalized net income was ¥536.9 million, a decline from ¥554.4 million in the prior year.

Full-year total revenue increased year over year to ¥45.17 billion from ¥44.41 billion, and total operating expenses grew on an annual basis to ¥44.36 billion from ¥43.58 billion.

The company said reported net income fell 62.6% on an annual basis to ¥127.0 million, or ¥12.90 per share, in the full year, from ¥340.0 million, or ¥34.54 per share.

As of June 26, US$1 was equivalent to ¥123.96.