Towa Food Service Co. Ltd. said its normalized net income for the fiscal fourth quarter ended April 30 amounted to ¥11.81 per share, an increase of 85.5% from ¥6.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥96.3 million, an increase of 85.5% from ¥51.9 million in the prior-year period.

The normalized profit margin increased to 3.6% from 2.1% in the year-earlier period.

Total revenue increased 7.5% on an annual basis to ¥2.64 billion from ¥2.46 billion, and total operating expenses increased 5.0% from the prior-year period to ¥2.50 billion from ¥2.38 billion.

Reported net income increased year over year to ¥63.0 million, or ¥7.73 per share, from ¥17.0 million, or ¥2.09 per share.

For the year, the company's normalized net income totaled ¥42.86 per share, a gain of 5.5% from ¥40.63 per share in the prior year.

Normalized net income was ¥349.4 million, a gain of 5.5% from ¥331.3 million in the prior year.

Full-year total revenue increased year over year to ¥10.36 billion from ¥10.07 billion, and total operating expenses grew on an annual basis to ¥9.81 billion from ¥9.54 billion.

The company said reported net income increased on an annual basis to ¥270.0 million, or ¥33.12 per share, in the full year, from ¥262.0 million, or ¥32.14 per share.

As of July 24, US$1 was equivalent to ¥123.70.