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Daido Metal fiscal Q4 profit falls YOY

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Daido Metal fiscal Q4 profit falls YOY

Daido Metal Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥10.01 per share, a decrease of 50.9% from ¥20.40 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥398.6 million, a decline of 50.9% from ¥812.6 million in the year-earlier period.

The normalized profit margin fell to 1.7% from 3.8% in the year-earlier period.

Total revenue increased 8.7% on an annual basis to ¥23.30 billion from ¥21.44 billion, and total operating expenses climbed 9.2% from the prior-year period to ¥21.79 billion from ¥19.96 billion.

Reported net income grew 11.3% year over year to ¥927.0 million, or ¥23.28 per share, from ¥833.0 million, or ¥20.92 per share.

For the year, the company's normalized net income totaled ¥87.81 per share, a fall from ¥92.19 per share in the prior year.

Normalized net income was ¥3.50 billion, a decline from ¥3.67 billion in the prior year.

Full-year total revenue grew 9.9% on an annual basis to ¥85.02 billion from ¥77.35 billion, and total operating expenses increased 10.6% year over year to ¥77.38 billion from ¥69.98 billion.

The company said reported net income fell 5.8% year over year to ¥4.46 billion, or ¥111.98 per share, in the full year, from ¥4.74 billion, or ¥118.89 per share.

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