Nippon Felt Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥3.73 per share, a decrease of 49.3% from ¥7.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥73.6 million, a decrease of 49.6% from ¥146.1 million in the prior-year period.

The normalized profit margin fell to 2.6% from 4.8% in the year-earlier period.

Total revenue fell 7.3% year over year to ¥2.83 billion from ¥3.05 billion, and total operating expenses fell from the prior-year period to ¥2.72 billion from ¥2.83 billion.

Reported net income came to a loss of ¥29.0 million, or a loss of ¥1.47 per share, compared to income of ¥115.0 million, or ¥5.80 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥29.63 per share, a fall from ¥30.72 per share in the prior year.

Normalized net income was ¥587.1 million, a fall from ¥609.6 million in the prior year.

Full-year total revenue amounted to ¥11.61 billion, compared with ¥11.69 billion in the prior year, and total operating expenses came to ¥10.83 billion, compared with ¥10.90 billion in the prior-year period.

The company said reported net income fell year over year to ¥561.0 million, or ¥28.32 per share, in the full year, from ¥577.0 million, or ¥29.08 per share.

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