Golf Do Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥4.54 per share, compared with a loss of ¥19.65 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥11.3 million, compared with a loss of ¥48.8 million in the prior-year period.

The normalized profit margin increased to negative 1.1% from negative 5.1% in the year-earlier period.

Total revenue grew on an annual basis to ¥980.0 million from ¥964.0 million, and total operating expenses decreased year over year to ¥999.0 million from ¥1.04 billion.

Reported net income came to a loss of ¥16.0 million, or a loss of ¥6.45 per share, compared to a loss of ¥75.0 million, or a loss of ¥30.23 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥4.53 per share, compared with a loss of ¥17.38 per share in the prior year.

Normalized net income was ¥11.3 million, compared with a loss of ¥43.1 million in the prior year.

Full-year total revenue declined year over year to ¥4.27 billion from ¥4.31 billion, and total operating expenses fell on an annual basis to ¥4.25 billion from ¥4.38 billion.

The company said reported net income totaled ¥25.0 million, or ¥10.08 per share, in the full year, compared with a loss of ¥115.0 million, or a loss of ¥46.36 per share, the prior year.

As of June 29, US$1 was equivalent to ¥122.67.