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Chubu Suisan swings to profit in fiscal Q4

Chubu Suisan Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥3.15 per share, compared with a loss of ¥4.18 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥5.6 million, compared with a loss of ¥7.5 million in the prior-year period.

The normalized profit margin rose to 0.1% from negative 0.1% in the year-earlier period.

Total revenue rose on an annual basis to ¥9.48 billion from ¥9.26 billion, and total operating expenses climbed from the prior-year period to ¥9.50 billion from ¥9.30 billion.

Reported net income totaled a loss of ¥42.0 million, or a loss of ¥23.51 per share, compared to a loss of ¥20.0 million, or a loss of ¥11.15 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥90.45 per share, a gain of 8.7% from ¥83.25 per share in the prior year.

Normalized net income was ¥161.9 million, a rise of 7.5% from ¥150.6 million in the prior year.

Full-year total revenue rose on an annual basis to ¥41.69 billion from ¥40.78 billion, and total operating expenses increased on an annual basis to ¥41.56 billion from ¥40.66 billion.

The company said reported net income decreased 30.3% year over year to ¥99.0 million, or ¥55.32 per share, in the full year, from ¥142.0 million, or ¥78.48 per share.

As of June 26, US$1 was equivalent to ¥123.96.