Yonex Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥3.66 per share, a decrease of 38.5% from ¥5.94 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥318.8 million, a decrease of 38.2% from ¥515.6 million in the year-earlier period.
The normalized profit margin dropped to 2.6% from 4.6% in the year-earlier period.
Total revenue grew 9.0% on an annual basis to ¥12.31 billion from ¥11.29 billion, and total operating expenses grew 11.8% from the prior-year period to ¥11.74 billion from ¥10.50 billion.
Reported net income decreased 26.0% on an annual basis to ¥396.0 million, or ¥4.54 per share, from ¥535.0 million, or ¥6.16 per share.
For the year, the company's normalized net income totaled ¥17.24 per share, a gain of 11.9% from ¥15.40 per share in the prior year.
Normalized net income was ¥1.50 billion, a gain of 12.2% from ¥1.34 billion in the prior year.
Full-year total revenue grew 11.1% on an annual basis to ¥47.62 billion from ¥42.85 billion, and total operating expenses increased 10.5% year over year to ¥45.54 billion from ¥41.22 billion.
The company said reported net income grew 48.2% on an annual basis to ¥1.69 billion, or ¥19.48 per share, in the full year, from ¥1.14 billion, or ¥13.18 per share.
As of June 23, US$1 was equivalent to ¥123.88.