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Cox Co. Ltd. swings to profit in fiscal Q4

Cox Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was ¥2.76 per share, compared with a loss of ¥7.75 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥76.3 million, compared with a loss of ¥213.8 million in the year-earlier period.

The normalized profit margin rose to 1.3% from negative 3.7% in the year-earlier period.

Total revenue decreased on an annual basis to ¥5.71 billion from ¥5.83 billion, and total operating expenses fell 9.5% year over year to ¥5.63 billion from ¥6.22 billion.

Reported net income came to ¥222.7 million, or ¥8.05 per share, compared to a loss of ¥1.11 billion, or a loss of ¥40.44 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥4.76 per share, compared with a loss of ¥29.56 per share in the prior year.

Normalized net income was ¥131.3 million, compared with a loss of ¥815.0 million in the prior year.

Full-year total revenue totaled ¥21.69 billion, compared with ¥21.68 billion in the prior year, and total operating expenses declined 6.5% on an annual basis to ¥21.66 billion from ¥23.16 billion.

The company said reported net income totaled ¥36.7 million, or ¥1.31 per share, in the full year, compared with a loss of ¥2.31 billion, or a loss of ¥83.60 per share, the prior year.

As of May 25, US$1 was equivalent to ¥121.48.