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Toyo Sugar Refining fiscal Q4 profit falls YOY

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Toyo Sugar Refining fiscal Q4 profit falls YOY

Toyo Sugar Refining Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥12.38 per share, a decrease of 31.6% from ¥18.11 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥67.5 million, a decline of 31.6% from ¥98.8 million in the prior-year period.

The normalized profit margin dropped to 1.9% from 2.9% in the year-earlier period.

Total revenue grew on an annual basis to ¥3.50 billion from ¥3.37 billion, and total operating expenses increased 5.1% on an annual basis to ¥3.40 billion from ¥3.24 billion.

Reported net income totaled a loss of ¥1.15 billion, or a loss of ¥211.43 per share, compared to income of ¥93.0 million, or ¥17.05 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥75.64 per share, a decline of 20.5% from ¥95.12 per share in the prior year.

Normalized net income was ¥412.5 million, a decline of 20.5% from ¥518.8 million in the prior year.

Full-year total revenue amounted to ¥14.42 billion, compared with ¥14.48 billion in the prior year, and total operating expenses came to ¥13.81 billion, compared with ¥13.72 billion in the year-earlier period.

The company said reported net income came to a loss of ¥781.0 million, or a loss of ¥143.21 per share, in the full year, compared with income of ¥517.0 million, or ¥94.80 per share, the prior year.

As of June 18, US$1 was equivalent to ¥122.95.