Valor Holdings Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥42.76 per share, a decrease of 10.9% from ¥48.02 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.20 billion, a decline of 10.9% from ¥2.47 billion in the year-earlier period.

The normalized profit margin fell to 1.9% from 2.2% in the year-earlier period.

Total revenue totaled ¥114.00 billion, compared with ¥113.95 billion in the prior-year period, and total operating expenses totaled ¥110.68 billion, compared with ¥110.19 billion in the year-earlier period.

Reported net income declined 33.8% year over year to ¥1.65 billion, or ¥31.94 per share, from ¥2.49 billion, or ¥48.27 per share.

For the year, the company's normalized net income totaled ¥194.40 per share, a gain of 5.0% from ¥185.08 per share in the prior year.

Normalized net income was ¥10.02 billion, a gain of 5.0% from ¥9.54 billion in the prior year.

Full-year total revenue rose year over year to ¥470.56 billion from ¥454.18 billion, and total operating expenses grew year over year to ¥455.56 billion from ¥439.89 billion.

The company said reported net income came to ¥9.21 billion, or ¥178.82 per share, in the full year, compared with ¥9.16 billion, or ¥177.81 per share, the prior year.

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