Success Holdings Co. Ltd. said its normalized net income for the fourth quarter amounted to ¥11.96 per share, a decline of 38.5% from ¥19.44 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥65.6 million, a decrease of 35.6% from ¥101.9 million in the year-earlier period.

The normalized profit margin dropped to 2.1% from 3.7% in the year-earlier period.

Total revenue climbed 12.3% on an annual basis to ¥3.07 billion from ¥2.73 billion, and total operating expenses rose 15.8% on an annual basis to ¥3.07 billion from ¥2.65 billion.

Reported net income rose on an annual basis to ¥219.2 million, or ¥13.93 per share, from ¥105.0 million, or ¥20.03 per share.

For the year, the company's normalized net income totaled ¥70.24 per share, a gain of 8.1% from ¥64.99 per share in the prior year.

Normalized net income was ¥372.5 million, an increase of 9.4% from ¥340.6 million in the prior year.

Full-year total revenue grew 15.9% year over year to ¥11.72 billion from ¥10.11 billion, and total operating expenses rose 17.4% on an annual basis to ¥11.60 billion from ¥9.88 billion.

The company said reported net income increased 17.1% on an annual basis to ¥364.2 million, or ¥41.60 per share, in the full year, from ¥311.0 million, or ¥59.34 per share.

As of March 28, US$1 was equivalent to ¥113.26.