Meiwa Industry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥20.57 per share, a decline of 69.8% from ¥68.13 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥71.3 million, a decline of 61.0% from ¥182.5 million in the year-earlier period.

The normalized profit margin declined to 1.4% from 3.3% in the year-earlier period.

Total revenue fell 8.7% year over year to ¥5.10 billion from ¥5.58 billion, and total operating expenses fell 5.2% from the prior-year period to ¥5.06 billion from ¥5.33 billion.

Reported net income declined 17.4% on an annual basis to ¥195.0 million, or ¥56.29 per share, from ¥236.0 million, or ¥88.10 per share.

For the year, the company's normalized net income totaled ¥131.32 per share, a fall of 34.4% from ¥200.16 per share in the prior year.

Normalized net income was ¥410.0 million, a fall of 23.5% from ¥536.3 million in the prior year.

Full-year total revenue fell from the prior-year period to ¥20.23 billion from ¥20.62 billion, and total operating expenses fell on an annual basis to ¥19.84 billion from ¥20.05 billion.

The company said reported net income decreased 12.5% year over year to ¥512.0 million, or ¥163.99 per share, in the full year, from ¥585.0 million, or ¥218.36 per share.

As of June 25, US$1 was equivalent to ¥123.71.