S Foods Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was ¥47.10 per share, an increase of 7.4% from ¥43.84 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.32 billion, a gain of 7.4% from ¥1.23 billion in the year-earlier period.

The normalized profit margin dropped to 2.3% from 2.7% in the year-earlier period.

Total revenue rose 26.6% on an annual basis to ¥58.34 billion from ¥46.09 billion, and total operating expenses climbed 26.7% from the prior-year period to ¥55.92 billion from ¥44.15 billion.

Reported net income decreased 24.3% year over year to ¥891.0 million, or ¥31.82 per share, from ¥1.18 billion, or ¥42.03 per share.

For the year, the company's normalized net income totaled ¥174.05 per share, an increase of 39.4% from ¥124.89 per share in the prior year.

Normalized net income was ¥4.87 billion, a gain of 39.4% from ¥3.50 billion in the prior year.

Full-year total revenue rose 26.5% on an annual basis to ¥214.10 billion from ¥169.25 billion, and total operating expenses increased 25.8% on an annual basis to ¥205.87 billion from ¥163.61 billion.

The company said reported net income grew 31.1% on an annual basis to ¥4.34 billion, or ¥155.09 per share, in the full year, from ¥3.31 billion, or ¥118.30 per share.

As of May 25, US$1 was equivalent to ¥121.48.