Tokyotokeiba Co. Ltd. said its fourth-quarter normalized net income was ¥22.25 per share, an increase of 17.2% from ¥18.99 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥635.6 million, an increase of 17.2% from ¥542.5 million in the prior-year period.

The normalized profit margin increased to 13.3% from 12.1% in the year-earlier period.

Total revenue grew 6.7% year over year to ¥4.78 billion from ¥4.48 billion, and total operating expenses climbed year over year to ¥3.75 billion from ¥3.62 billion.

Reported net income increased year over year to ¥512.0 million, or ¥17.92 per share, from ¥186.0 million, or ¥6.51 per share.

For the year, the company's normalized net income totaled ¥111.49 per share, a gain of 8.6% from ¥102.69 per share in the prior year.

Normalized net income was ¥3.19 billion, a gain of 8.6% from ¥2.93 billion in the prior year.

Full-year total revenue rose 7.5% from the prior-year period to ¥19.83 billion from ¥18.45 billion, and total operating expenses increased 7.1% on an annual basis to ¥14.70 billion from ¥13.73 billion.

The company said reported net income increased 19.7% on an annual basis to ¥3.09 billion, or ¥108.04 per share, in the full year, from ¥2.58 billion, or ¥90.21 per share.

As of March 30, US$1 was equivalent to ¥111.28.