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JVC Kenwood fiscal Q4 profit falls YOY

JVC KENWOOD Corp. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥13.29 per share, a decline of 32.2% from ¥19.61 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.84 billion, a decrease of 32.2% from ¥2.72 billion in the year-earlier period.

The normalized profit margin was 2.4%.

Total revenue fell 9.3% on an annual basis to ¥78.07 billion from ¥86.05 billion, and total operating expenses declined 7.7% year over year to ¥73.93 billion from ¥80.08 billion.

Reported net income totaled ¥5.31 billion, or ¥38.27 per share, compared to a loss of ¥1.00 billion, or a loss of ¥7.23 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥8.95 per share, compared with a loss of ¥4.36 per share in the prior year.

Normalized net income was ¥1.24 billion, compared with a loss of ¥604.5 million in the prior year.

Full-year total revenue fell 9.9% on an annual basis to ¥285.01 billion from ¥316.34 billion, and total operating expenses declined 10.8% on an annual basis to ¥278.25 billion from ¥311.92 billion.

The company said reported net income came to ¥4.79 billion, or ¥34.58 per share, in the full year, compared with a loss of ¥6.57 billion, or a loss of ¥47.39 per share, the prior year.

As of June 19, US$1 was equivalent to ¥122.78.