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Encho swings to loss in fiscal Q4

Encho Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥3.84 per share, compared with ¥2.51 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥52.5 million, compared with income of ¥34.4 million in the prior-year period.

The normalized profit margin declined to negative 0.6% from 0.3% in the year-earlier period.

Total revenue fell 18.5% year over year to ¥9.29 billion from ¥11.40 billion, and total operating expenses decreased 17.4% year over year to ¥9.31 billion from ¥11.27 billion.

Reported net income totaled a loss of ¥67.0 million, or a loss of ¥4.90 per share, compared to a loss of ¥8.0 million, or a loss of 58 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥3.88 per share, a fall of 82.8% from ¥22.52 per share in the prior year.

Normalized net income was ¥53.1 million, a decrease of 82.8% from ¥308.1 million in the prior year.

Full-year total revenue declined 10.4% year over year to ¥42.67 billion from ¥47.60 billion, and total operating expenses decreased 9.5% year over year to ¥42.37 billion from ¥46.83 billion.

The company said reported net income declined 97.0% on an annual basis to ¥11.0 million, or 80 sen per share, in the full year, from ¥371.0 million, or ¥27.12 per share.

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