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Nissin Kogyo swings to loss in fiscal Q4

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Nissin Kogyo swings to loss in fiscal Q4

Nissin Kogyo Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥2.99 per share, compared with ¥39.18 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥194.6 million, compared with income of ¥2.54 billion in the year-earlier period.

The normalized profit margin dropped to negative 0.5% from 4.1% in the year-earlier period.

Total revenue decreased 32.0% year over year to ¥41.93 billion from ¥61.70 billion, and total operating expenses fell 28.8% year over year to ¥39.82 billion from ¥55.95 billion.

Reported net income came to a loss of ¥1.77 billion, or a loss of ¥27.27 per share, compared to income of ¥3.31 billion, or ¥50.97 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥26.33 per share, a decline of 78.6% from ¥123.21 per share in the prior year.

Normalized net income was ¥1.71 billion, a fall of 78.6% from ¥8.00 billion in the prior year.

Full-year total revenue fell 26.4% from the prior-year period to ¥167.71 billion from ¥227.84 billion, and total operating expenses fell 24.9% year over year to ¥157.97 billion from ¥210.25 billion.

The company said reported net income fell 87.0% year over year to ¥1.36 billion, or ¥20.98 per share, in the full year, from ¥10.45 billion, or ¥160.93 per share.

As of June 28, US$1 was equivalent to ¥102.79.