Chofu Seisakusho Co. Ltd. said its fourth-quarter normalized net income came to ¥33.75 per share, a decline of 21.3% from ¥42.87 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.17 billion, a decrease of 21.3% from ¥1.49 billion in the prior-year period.

The normalized profit margin dropped to 9.1% from 11.6% in the year-earlier period.

Total revenue totaled ¥12.95 billion, compared with ¥12.84 billion in the year-earlier period, and total operating expenses came to ¥11.49 billion, compared with ¥11.42 billion in the year-earlier period.

Reported net income decreased 31.0% from the prior-year period to ¥1.25 billion, or ¥36.10 per share, from ¥1.82 billion, or ¥52.30 per share.

For the year, the company's normalized net income totaled ¥71.32 per share, a decrease of 41.8% from ¥122.54 per share in the prior year.

Normalized net income was ¥2.48 billion, a decline of 41.8% from ¥4.26 billion in the prior year.

Full-year total revenue declined 10.2% from the prior-year period to ¥42.78 billion from ¥47.66 billion, and total operating expenses declined 6.7% on an annual basis to ¥40.61 billion from ¥43.54 billion.

The company said reported net income declined 40.5% on an annual basis to ¥2.79 billion, or ¥80.17 per share, in the full year, from ¥4.68 billion, or ¥134.83 per share.

As of March 30, US$1 was equivalent to ¥112.45.