Shimano Inc. said its normalized net income for the fourth quarter came to ¥117.24 per share, a decrease of 24.9% from ¥156.07 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.87 billion, a decrease of 24.9% from ¥14.47 billion in the year-earlier period.

The normalized profit margin declined to 11.8% from 15.7% in the year-earlier period.

Total revenue totaled ¥91.81 billion, compared with ¥92.16 billion in the year-earlier period, and total operating expenses declined on an annual basis to ¥71.84 billion from ¥74.31 billion.

Reported net income decreased 30.7% year over year to ¥11.47 billion, or ¥123.78 per share, from ¥16.57 billion, or ¥178.71 per share.

For the year, the company's normalized net income totaled ¥682.48 per share, an increase of 41.9% from ¥480.80 per share in the prior year.

Normalized net income was ¥63.27 billion, an increase of 41.9% from ¥44.57 billion in the prior year.

Full-year total revenue rose 13.6% on an annual basis to ¥378.64 billion from ¥333.17 billion, and total operating expenses rose 9.8% on an annual basis to ¥293.59 billion from ¥267.35 billion.

The company said reported net income rose 48.7% year over year to ¥76.19 billion, or ¥821.86 per share, in the full year, from ¥51.24 billion, or ¥552.69 per share.

As of March 30, US$1 was equivalent to ¥112.45.