Nippon Beet Sugar Manufacturing Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥48.67 per share, a decline of 24.8% from ¥64.69 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥695.0 million, a decrease of 24.7% from ¥922.5 million in the prior-year period.

The normalized profit margin dropped to 4.4% from 5.9% in the year-earlier period.

Total revenue came to ¥15.77 billion, compared with ¥15.66 billion in the year-earlier period, and total operating expenses rose on an annual basis to ¥14.64 billion from ¥14.21 billion.

Reported net income decreased 15.4% year over year to ¥692.0 million, or ¥48.46 per share, from ¥818.0 million, or ¥57.36 per share.

For the year, the company's normalized net income totaled ¥102.86 per share, an increase of 14.7% from ¥89.69 per share in the prior year.

Normalized net income was ¥1.47 billion, an increase of 14.9% from ¥1.28 billion in the prior year.

Full-year total revenue amounted to ¥57.67 billion, compared with ¥57.55 billion in the prior year, and total operating expenses came to ¥55.58 billion, compared with ¥55.77 billion in the prior-year period.

The company said reported net income grew 27.8% on an annual basis to ¥1.39 billion, or ¥97.66 per share, in the full year, from ¥1.09 billion, or ¥76.55 per share.

As of June 26, US$1 was equivalent to ¥123.96.