Yamazaki Baking Co. Ltd. said its normalized net income for the fourth quarter amounted to ¥22.30 per share, a gain of 7.3% from ¥20.79 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.89 billion, an increase of 7.2% from ¥4.56 billion in the year-earlier period.

The normalized profit margin climbed to 1.8% from 1.7% in the year-earlier period.

Total revenue increased year over year to ¥267.80 billion from ¥263.69 billion, and total operating expenses grew on an annual basis to ¥258.85 billion from ¥255.93 billion.

Reported net income grew 43.0% year over year to ¥4.58 billion, or ¥20.88 per share, from ¥3.21 billion, or ¥14.60 per share.

For the year, the company's normalized net income totaled ¥75.54 per share, a gain of 22.9% from ¥61.46 per share in the prior year.

Normalized net income was ¥16.58 billion, a gain of 22.9% from ¥13.49 billion in the prior year.

Full-year total revenue rose from the prior-year period to ¥1.027 trillion from ¥995.01 billion, and total operating expenses increased year over year to ¥1.000 trillion from ¥974.13 billion.

The company said reported net income decreased 7.9% on an annual basis to ¥11.10 billion, or ¥50.56 per share, in the full year, from ¥12.05 billion, or ¥54.89 per share.

As of March 30, US$1 was equivalent to ¥112.45.