Maxvalu Kyushu Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was ¥68.04 per share, a decrease of 21.8% from ¥87.04 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥514.4 million, a decrease of 21.7% from ¥656.9 million in the year-earlier period.

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

Total revenue grew on an annual basis to ¥37.58 billion from ¥36.46 billion, and total operating expenses climbed on an annual basis to ¥36.76 billion from ¥35.41 billion.

Reported net income decreased 96.3% year over year to ¥20.6 million, or ¥2.66 per share, from ¥557.2 million, or ¥73.83 per share.

For the year, the company's normalized net income totaled ¥110.33 per share, a decrease of 35.8% from ¥171.74 per share in the prior year.

Normalized net income was ¥833.8 million, a decrease of 35.6% from ¥1.30 billion in the prior year.

Full-year total revenue grew from the prior-year period to ¥147.80 billion from ¥142.51 billion, and total operating expenses increased on an annual basis to ¥146.49 billion from ¥140.47 billion.

The company said reported net income decreased 83.9% year over year to ¥153.9 million, or ¥20.32 per share, in the full year, from ¥955.1 million, or ¥126.60 per share.

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