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Prima Meat Packers fiscal Q4 profit falls YOY

Prima Meat Packers Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥1.56 per share, a decline of 29.6% from ¥2.21 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥347.9 million, a decrease of 29.7% from ¥494.9 million in the year-earlier period.

The normalized profit margin declined to 0.4% from 0.7% in the year-earlier period.

Total revenue grew 15.3% year over year to ¥82.47 billion from ¥71.54 billion, and total operating expenses rose 15.9% year over year to ¥82.18 billion from ¥70.93 billion.

Reported net income grew from the prior-year period to ¥2.02 billion, or ¥9.03 per share, from ¥424.0 million, or ¥1.89 per share.

For the year, the company's normalized net income totaled ¥22.81 per share, a gain from ¥22.07 per share in the prior year.

Normalized net income was ¥5.10 billion, an increase from ¥4.94 billion in the prior year.

Full-year total revenue grew 12.4% on an annual basis to ¥341.18 billion from ¥303.60 billion, and total operating expenses grew 13.2% year over year to ¥333.80 billion from ¥294.98 billion.

The company said reported net income grew 52.5% year over year to ¥6.39 billion, or ¥28.58 per share, in the full year, from ¥4.19 billion, or ¥18.73 per share.

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