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Happinet swings to profit in fiscal Q4

Happinet Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥6.65 per share, compared with a loss of ¥2.61 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥153.8 million, compared with a loss of ¥60.0 million in the prior-year period.

The normalized profit margin increased to 0.4% from negative 0.1% in the year-earlier period.

Total revenue decreased 13.2% on an annual basis to ¥37.25 billion from ¥42.91 billion, and total operating expenses declined 14.0% on an annual basis to ¥36.98 billion from ¥43.00 billion.

Reported net income increased year over year to ¥247.7 million, or ¥10.72 per share, from ¥54.2 million, or ¥2.36 per share.

For the year, the company's normalized net income totaled ¥94.60 per share, a decrease of 32.1% from ¥139.32 per share in the prior year.

Normalized net income was ¥2.19 billion, a decline of 31.8% from ¥3.20 billion in the prior year.

Full-year total revenue declined 13.8% from the prior-year period to ¥187.27 billion from ¥217.23 billion, and total operating expenses fell 13.4% year over year to ¥183.82 billion from ¥212.18 billion.

The company said reported net income decreased 41.7% year over year to ¥2.36 billion, or ¥102.15 per share, in the full year, from ¥4.05 billion, or ¥176.16 per share.

As of June 24, US$1 was equivalent to ¥102.09.