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NAFCO swings to loss in fiscal Q4

NAFCO Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥3.34 per share, compared with ¥50.38 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 ¥99.4 million, compared with income of ¥1.50 billion in the year-earlier period.

The normalized profit margin dropped to negative 0.2% from 2.7% in the year-earlier period.

Total revenue declined 15.2% year over year to ¥47.76 billion from ¥56.32 billion, and total operating expenses fell 11.1% on an annual basis to ¥48.03 billion from ¥54.04 billion.

Reported net income came to a loss of ¥350.0 million, or a loss of ¥11.75 per share, compared to income of ¥598.0 million, or ¥20.08 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥160.99 per share, a decline of 37.4% from ¥257.25 per share in the prior year.

Normalized net income was ¥4.79 billion, a fall of 37.4% from ¥7.66 billion in the prior year.

Full-year total revenue fell from the prior-year period to ¥222.25 billion from ¥232.66 billion, and total operating expenses declined year over year to ¥214.95 billion from ¥220.76 billion.

The company said reported net income declined 32.8% year over year to ¥4.02 billion, or ¥134.94 per share, in the full year, from ¥5.98 billion, or ¥200.85 per share.

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