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Nittan Valve fiscal Q4 profit climbs YOY

Nittan Valve Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥13.70 per share, a gain from ¥3.15 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥395.8 million, a gain from ¥91.1 million in the year-earlier period.

The normalized profit margin climbed to 3.1% from 0.8% in the year-earlier period.

Total revenue grew 19.1% on an annual basis to ¥12.77 billion from ¥10.72 billion, and total operating expenses climbed 9.8% year over year to ¥11.69 billion from ¥10.64 billion.

Reported net income totaled ¥335.0 million, or ¥11.60 per share, compared to a loss of ¥254.0 million, or a loss of ¥8.79 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥35.34 per share, an increase of 73.8% from ¥20.33 per share in the prior year.

Normalized net income was ¥1.02 billion, a rise of 73.8% from ¥587.4 million in the prior year.

Full-year total revenue grew 10.6% from the prior-year period to ¥43.10 billion from ¥38.97 billion, and total operating expenses grew 6.6% year over year to ¥40.45 billion from ¥37.93 billion.

The company said reported net income increased on an annual basis to ¥681.0 million, or ¥23.58 per share, in the full year, from ¥82.0 million, or ¥2.84 per share.

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