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Nittobest swings to loss in fiscal Q4

Nittobest Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥4.29 per share, compared with ¥10.33 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 ¥51.9 million, compared with income of ¥125.0 million in the prior-year period.

The normalized profit margin declined to negative 0.4% from 1.1% in the year-earlier period.

Total revenue climbed on an annual basis to ¥12.22 billion from ¥11.73 billion, and total operating expenses rose 6.6% year over year to ¥12.31 billion from ¥11.55 billion.

Reported net income decreased 94.0% on an annual basis to ¥3.0 million, or 25 sen per share, from ¥50.0 million, or ¥4.13 per share.

For the year, the company's normalized net income totaled ¥10.29 per share, a fall of 53.3% from ¥22.06 per share in the prior year.

Normalized net income was ¥124.4 million, a decrease of 53.4% from ¥266.9 million in the prior year.

Full-year total revenue increased on an annual basis to ¥51.61 billion from ¥49.25 billion, and total operating expenses grew 5.3% on an annual basis to ¥51.46 billion from ¥48.88 billion.

The company said reported net income grew 18.4% year over year to ¥187.0 million, or ¥15.47 per share, in the full year, from ¥158.0 million, or ¥13.06 per share.

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