Nissan Shatai Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥12.21 per share, a decrease of 27.8% from ¥16.92 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.81 billion, a decrease of 27.8% from ¥2.50 billion in the prior-year period.

The normalized profit margin dropped to 1.4% from 1.8% in the year-earlier period.

Total revenue fell 9.5% on an annual basis to ¥128.95 billion from ¥142.45 billion, and total operating expenses declined 9.0% on an annual basis to ¥125.93 billion from ¥138.32 billion.

Reported net income rose year over year to ¥10.85 billion, or ¥73.32 per share, from ¥2.66 billion, or ¥17.95 per share.

For the year, the company's normalized net income totaled ¥46.83 per share, a gain of 10.6% from ¥42.33 per share in the prior year.

Normalized net income was ¥6.93 billion, a rise of 10.6% from ¥6.26 billion in the prior year.

Full-year total revenue amounted to ¥475.37 billion, compared with ¥474.24 billion in the prior year, and total operating expenses came to ¥465.03 billion, compared with ¥464.08 billion in the prior-year period.

The company said reported net income increased on an annual basis to ¥15.64 billion, or ¥105.72 per share, in the full year, from ¥6.70 billion, or ¥45.30 per share.

As of June 25, US$1 was equivalent to ¥123.71.