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Renesas Electronics fiscal Q4 profit climbs 57.7% YOY

Renesas Electronics Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥8.61 per share, a gain of 56.6% from ¥5.50 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥14.35 billion, an increase of 57.7% from ¥9.10 billion in the prior-year period.

The normalized profit margin increased to 7.9% from 4.5% in the year-earlier period.

Total revenue decreased 9.1% year over year to ¥182.21 billion from ¥200.50 billion, and total operating expenses decreased 14.0% on an annual basis to ¥157.77 billion from ¥183.53 billion.

Reported net income totaled ¥9.04 billion, or ¥5.43 per share, compared with a loss of ¥15.46 billion, or a loss of ¥9.34 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥37.96 per share, compared to EPS of ¥31.29 in the prior year.

Normalized net income was ¥63.28 billion, a rise from ¥32.66 billion in the prior year.

Full-year total revenue fell year over year to ¥791.07 billion from ¥833.01 billion, and total operating expenses fell on an annual basis to ¥686.65 billion from ¥765.38 billion.

The company said reported net income came to ¥82.36 billion, or ¥49.41 per share, in the full year, compared with a loss of ¥5.29 billion, or a loss of ¥5.07 per share, the prior year.

As of June 24, US$1 was equivalent to ¥124.31.