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Colowide swings to loss in fiscal Q4

Colowide Co.Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥11.46 per share, compared with ¥5.99 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥859.6 million, compared with income of ¥453.8 million in the year-earlier period.

The normalized profit margin dropped to negative 1.5% from 0.7% in the year-earlier period.

Total revenue fell 12.3% on an annual basis to ¥57.22 billion from ¥65.27 billion, and total operating expenses fell 13.2% on an annual basis to ¥54.93 billion from ¥63.30 billion.

Reported net income fell 58.9% on an annual basis to ¥1.07 billion, or ¥14.29 per share, from ¥2.61 billion, or ¥34.40 per share.

For the year, the company's normalized net income totaled a loss of ¥2.88 per share, compared with ¥18.62 per share in the prior year.

Normalized net income was a loss of ¥216.1 million, compared with income of ¥1.40 billion in the prior year.

Full-year total revenue rose 31.9% on an annual basis to ¥234.14 billion from ¥177.57 billion, and total operating expenses increased 32.3% year over year to ¥227.78 billion from ¥172.23 billion.

The company said reported net income declined 91.2% on an annual basis to ¥104.0 million, or ¥1.39 per share, in the full year, from ¥1.18 billion, or ¥15.69 per share.

As of June 24, US$1 was equivalent to ¥102.09.