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Apple International swings to profit in Q4

Apple International Co. Ltd. said its fourth-quarter normalized net income was ¥30.52 per share, compared with a loss of ¥11.88 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥380.4 million, compared with a loss of ¥148.0 million in the year-earlier period.

The normalized profit margin climbed to 5.0% from negative 1.4% in the year-earlier period.

Total revenue decreased 28.5% on an annual basis to ¥7.65 billion from ¥10.70 billion, and total operating expenses decreased 37.0% year over year to ¥7.29 billion from ¥11.57 billion.

Reported net income totaled ¥816.0 million, or ¥65.48 per share, compared to a loss of ¥1.04 billion, or a loss of ¥83.70 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥61.25 per share, a gain from ¥24.53 per share in the prior year.

Normalized net income was ¥763.3 million, an increase from ¥305.6 million in the prior year.

Full-year total revenue declined 37.5% on an annual basis to ¥25.46 billion from ¥40.71 billion, and total operating expenses decreased 40.9% year over year to ¥24.15 billion from ¥40.89 billion.

The company said reported net income totaled ¥1.27 billion, or ¥102.16 per share, in the full year, compared with a loss of ¥1.03 billion, or a loss of ¥82.66 per share, the prior year.

As of March 25, US$1 was equivalent to ¥113.11.