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New Art swings to profit in fiscal Q4

New Art Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 67 Japanese sen per share, compared with a loss of 66 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥168.1 million, compared with a loss of ¥125.0 million in the year-earlier period.

The normalized profit margin rose to 6.5% from negative 6.2% in the year-earlier period.

Total revenue increased 28.2% year over year to ¥2.58 billion from ¥2.01 billion, and total operating expenses rose 5.1% from the prior-year period to ¥2.31 billion from ¥2.19 billion.

Reported net income totaled ¥261.0 million, or ¥1.04 per share, compared to a loss of ¥521.0 million, or a loss of ¥2.75 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 18 sen per share, compared with a loss of ¥2.39 per share in the prior year.

Normalized net income was ¥45.0 million, compared with a loss of ¥441.9 million in the prior year.

Full-year total revenue rose 8.0% on an annual basis to ¥8.31 billion from ¥7.69 billion, and total operating expenses fell on an annual basis to ¥8.12 billion from ¥8.37 billion.

The company said reported net income came to ¥129.0 million, or 51 sen per share, in the full year, compared with a loss of ¥1.21 billion, or a loss of ¥6.54 per share, the prior year.

As of June 29, US$1 was equivalent to ¥122.67.