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Sagami fiscal Q4 profit climbs 6.8% YOY

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Sagami fiscal Q4 profit climbs 6.8% YOY

Sagami Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 20 was ¥6.71 per share, an increase of 6.8% from ¥6.28 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥266.3 million, an increase of 6.8% from ¥249.4 million in the prior-year period.

The normalized profit margin increased to 4.4% from 3.9% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to ¥6.02 billion from ¥6.37 billion, and total operating expenses declined 6.5% on an annual basis to ¥5.59 billion from ¥5.97 billion.

Reported net income rose year over year to ¥299.0 million, or ¥7.54 per share, from ¥107.0 million, or ¥2.70 per share.

For the year, the company's normalized net income totaled a loss of ¥7.21 per share, compared with a loss of ¥5.43 per share in the prior year.

Normalized net income was a loss of ¥286.3 million, compared with a loss of ¥215.6 million in the prior year.

Full-year total revenue decreased 5.3% year over year to ¥21.62 billion from ¥22.83 billion, and total operating expenses decreased on an annual basis to ¥22.09 billion from ¥23.22 billion.

The company said reported net income came to a loss of ¥897.0 million, or a loss of ¥22.61 per share, in the full year, compared with a loss of ¥810.0 million, or a loss of ¥20.40 per share, the prior year.

As of May 12, US$1 was equivalent to ¥119.88.