Joshin Denki Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥42.39 per share, a decline of 33.6% from ¥63.88 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.13 billion, a decline of 33.3% from ¥1.69 billion in the prior-year period.

The normalized profit margin dropped to 1.2% from 1.4% in the year-earlier period.

Total revenue decreased 19.6% on an annual basis to ¥94.66 billion from ¥117.68 billion, and total operating expenses declined 19.2% year over year to ¥92.89 billion from ¥114.95 billion.

Reported net income grew 67.7% on an annual basis to ¥611.8 million, or ¥23.05 per share, from ¥364.9 million, or ¥13.81 per share.

For the year, the company's normalized net income totaled ¥156.29 per share, a fall of 9.0% from ¥171.82 per share in the prior year.

Normalized net income was ¥4.14 billion, a fall of 8.4% from ¥4.52 billion in the prior year.

Full-year total revenue declined 7.3% from the prior-year period to ¥372.38 billion from ¥401.80 billion, and total operating expenses decreased 7.3% on an annual basis to ¥365.73 billion from ¥394.40 billion.

The company said reported net income increased 10.8% on an annual basis to ¥3.37 billion, or ¥127.02 per share, in the full year, from ¥3.04 billion, or ¥115.38 per share.

As of June 29, US$1 was equivalent to ¥122.67.