France Bed Holdings Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥6.55 per share, a decrease of 48.6% from ¥12.74 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥280.6 million, a decline of 48.6% from ¥545.6 million in the prior-year period.

The normalized profit margin declined to 2.0% from 3.5% in the year-earlier period.

Total revenue declined 9.7% year over year to ¥14.17 billion from ¥15.69 billion, and total operating expenses fell 7.2% year over year to ¥13.75 billion from ¥14.81 billion.

Reported net income fell 28.9% year over year to ¥246.0 million, or ¥5.74 per share, from ¥346.0 million, or ¥8.08 per share.

For the year, the company's normalized net income totaled ¥25.46 per share, a decline of 36.6% from ¥40.15 per share in the prior year.

Normalized net income was ¥1.09 billion, a decline of 37.3% from ¥1.74 billion in the prior year.

Full-year total revenue declined 5.4% on an annual basis to ¥51.91 billion from ¥54.89 billion, and total operating expenses fell on an annual basis to ¥50.18 billion from ¥52.09 billion.

The company said reported net income declined 35.3% on an annual basis to ¥904.0 million, or ¥21.10 per share, in the full year, from ¥1.40 billion, or ¥32.24 per share.

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