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Sumitomo Forestry fiscal Q4 profit falls YOY

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Sumitomo Forestry fiscal Q4 profit falls YOY

Sumitomo Forestry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥57.33 per share, a decrease of 7.3% from ¥61.86 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.77 billion, a decline of 7.3% from ¥11.62 billion in the year-earlier period.

The normalized profit margin fell to 3.6% from 3.8% in the year-earlier period.

Total revenue declined year over year to ¥298.00 billion from ¥302.88 billion, and total operating expenses declined from the prior-year period to ¥278.66 billion from ¥283.49 billion.

Reported net income increased 7.0% year over year to ¥10.67 billion, or ¥56.81 per share, from ¥9.98 billion, or ¥53.13 per share.

For the year, the company's normalized net income totaled ¥103.04 per share, a decline of 6.7% from ¥110.44 per share in the prior year.

Normalized net income was ¥19.36 billion, a decrease of 5.0% from ¥20.37 billion in the prior year.

Full-year total revenue grew on an annual basis to ¥997.26 billion from ¥972.97 billion, and total operating expenses rose year over year to ¥963.26 billion from ¥939.55 billion.

The company said reported net income fell 17.6% year over year to ¥18.57 billion, or ¥98.87 per share, in the full year, from ¥22.53 billion, or ¥122.16 per share.

As of June 23, US$1 was equivalent to ¥123.88.