U-Shin Ltd. said its normalized net income for the fiscal fourth quarter ended Nov. 30, 2015, was ¥23.16 per share, a decline of 43.8% from ¥41.20 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥645.3 million, a decrease of 42.8% from ¥1.13 billion in the year-earlier period.

The normalized profit margin declined to 1.6% from 2.7% in the year-earlier period.

Total revenue fell on an annual basis to ¥41.27 billion from ¥41.83 billion, and total operating expenses declined from the prior-year period to ¥40.16 billion from ¥40.65 billion.

Reported net income fell 88.7% on an annual basis to ¥19.5 million, or 70 sen per share, from ¥173.0 million, or ¥6.32 per share.

For the year, the company's normalized net income totaled ¥10.45 per share, a decline of 79.9% from ¥51.95 per share in the prior year.

Normalized net income was ¥283.6 million, a fall of 80.9% from ¥1.48 billion in the prior year.

Full-year total revenue increased 5.3% from the prior-year period to ¥164.23 billion from ¥155.99 billion, and total operating expenses rose on an annual basis to ¥159.51 billion from ¥152.91 billion.

The company said reported net income totaled ¥226.8 million, or ¥8.36 per share, in the full year, compared with a loss of ¥433.0 million, or a loss of ¥15.17 per share, the prior year.

As of Feb. 26, US$1 was equivalent to ¥113.94.