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J-Oil Mills swings to profit in fiscal Q4

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J-Oil Mills swings to profit in fiscal Q4

J-Oil Mills Inc. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥52.60 per share, compared with a loss of ¥3.22 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥875.1 million, compared with a loss of ¥53.6 million in the prior-year period.

The normalized profit margin climbed to 2.0% from negative 0.1% in the year-earlier period.

Total revenue declined 5.0% on an annual basis to ¥43.72 billion from ¥46.01 billion, and total operating expenses fell 8.0% on an annual basis to ¥42.68 billion from ¥46.38 billion.

Reported net income totaled ¥721.0 million, or ¥43.34 per share, compared to a loss of ¥109.0 million, or a loss of ¥6.55 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥201.67 per share, an increase of 11.8% from ¥180.46 per share in the prior year.

Normalized net income was ¥3.36 billion, an increase of 11.7% from ¥3.00 billion in the prior year.

Full-year total revenue decreased on an annual basis to ¥187.33 billion from ¥193.88 billion, and total operating expenses fell on an annual basis to ¥182.69 billion from ¥189.69 billion.

The company said reported net income fell on an annual basis to ¥2.97 billion, or ¥178.70 per share, in the full year, from ¥3.10 billion, or ¥186.62 per share.

As of June 24, US$1 was equivalent to ¥102.09.