Yamaha Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥17.08 per share, an increase of 42.8% from ¥11.96 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.31 billion, an increase of 42.8% from ¥2.32 billion in the year-earlier period.

The normalized profit margin increased to 3.0% from 2.3% in the year-earlier period.

Total revenue climbed 7.2% on an annual basis to ¥108.93 billion from ¥101.63 billion, and total operating expenses rose 6.2% from the prior-year period to ¥104.51 billion from ¥98.41 billion.

Reported net income grew 9.6% on an annual basis to ¥4.23 billion, or ¥21.83 per share, from ¥3.86 billion, or ¥19.92 per share.

For the year, the company's normalized net income totaled ¥99.90 per share, a gain of 20.1% from ¥83.21 per share in the prior year.

Normalized net income was ¥19.34 billion, a gain of 20.1% from ¥16.11 billion in the prior year.

Full-year total revenue rose 5.3% year over year to ¥432.18 billion from ¥410.30 billion, and total operating expenses increased year over year to ¥402.04 billion from ¥384.31 billion.

The company said reported net income rose 8.9% on an annual basis to ¥24.93 billion, or ¥128.75 per share, in the full year, from ¥22.90 billion, or ¥118.26 per share.

As of June 24, US$1 was equivalent to ¥124.31.