Watami Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥33.01 per share, compared with a loss of ¥22.25 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 ¥1.23 billion, compared with a loss of ¥860.0 million in the year-earlier period.

The normalized profit margin dropped to negative 3.3% from negative 2.1% in the year-earlier period.

Total revenue declined 6.7% on an annual basis to ¥37.33 billion from ¥40.01 billion, and total operating expenses decreased 5.0% from the prior-year period to ¥39.08 billion from ¥41.15 billion.

Reported net income totaled a loss of ¥7.21 billion, or a loss of ¥193.12 per share, compared to a loss of ¥5.87 billion, or a loss of ¥151.82 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of ¥57.52 per share, compared with ¥33.61 per share in the prior year.

Normalized net income was a loss of ¥2.15 billion, compared with income of ¥1.33 billion in the prior year.

Full-year total revenue declined from the prior-year period to ¥155.31 billion from ¥163.16 billion, and total operating expenses decreased year over year to ¥157.38 billion from ¥160.21 billion.

The company said reported net income came to a loss of ¥12.86 billion, or a loss of ¥344.31 per share, in the full year, compared with a loss of ¥4.91 billion, or a loss of ¥123.79 per share, the prior year.

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