Tsutsumi Jewelry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥16.84 per share, a decline of 55.7% from ¥38.04 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥338.1 million, a decline of 55.7% from ¥763.8 million in the year-earlier period.

The normalized profit margin dropped to 5.7% from 10.5% in the year-earlier period.

Total revenue declined 18.1% on an annual basis to ¥5.95 billion from ¥7.26 billion, and total operating expenses fell 10.3% year over year to ¥5.44 billion from ¥6.06 billion.

Reported net income decreased 74.8% on an annual basis to ¥165.0 million, or ¥8.22 per share, from ¥656.0 million, or ¥32.68 per share.

For the year, the company's normalized net income totaled ¥69.62 per share, a decrease of 40.1% from ¥116.25 per share in the prior year.

Normalized net income was ¥1.40 billion, a decline of 40.1% from ¥2.33 billion in the prior year.

Full-year total revenue declined 19.6% on an annual basis to ¥22.15 billion from ¥27.55 billion, and total operating expenses fell 16.3% on an annual basis to ¥20.04 billion from ¥23.93 billion.

The company said reported net income declined 48.3% year over year to ¥1.19 billion, or ¥59.18 per share, in the full year, from ¥2.30 billion, or ¥114.42 per share.

As of June 26, US$1 was equivalent to ¥123.96.