Rinnai Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥76.33 per share, a decline of 34.4% from ¥116.28 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.97 billion, a decline of 34.2% from ¥6.04 billion in the prior-year period.
The normalized profit margin declined to 5.2% from 7.7% in the year-earlier period.
Total revenue fell year over year to ¥76.75 billion from ¥77.99 billion, and total operating expenses increased from the prior-year period to ¥69.94 billion from ¥68.38 billion.
Reported net income decreased 25.5% year over year to ¥4.66 billion, or ¥89.66 per share, from ¥6.26 billion, or ¥120.55 per share.
For the year, the company's normalized net income totaled ¥359.16 per share, a fall of 17.0% from ¥432.89 per share in the prior year.
Normalized net income was ¥18.68 billion, a fall of 15.6% from ¥22.14 billion in the prior year.
Full-year total revenue grew year over year to ¥295.02 billion from ¥286.98 billion, and total operating expenses rose on an annual basis to ¥264.47 billion from ¥252.96 billion.
The company said reported net income decreased 11.2% year over year to ¥20.65 billion, or ¥397.02 per share, in the full year, from ¥23.25 billion, or ¥454.72 per share.
As of June 26, US$1 was equivalent to ¥123.96.