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Watami swings to profit in fiscal Q4

Watami Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥2.34 per share, compared with a loss of ¥33.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥87.5 million, compared with a loss of ¥1.23 billion in the year-earlier period.

The normalized profit margin rose to 0.3% from negative 3.3% in the year-earlier period.

Total revenue decreased 32.4% year over year to ¥25.24 billion from ¥37.33 billion, and total operating expenses fell 35.9% from the prior-year period to ¥25.03 billion from ¥39.08 billion.

Reported net income totaled a loss of ¥2.06 billion, or a loss of ¥55.22 per share, compared to a loss of ¥7.21 billion, or a loss of ¥193.12 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥20.13 per share, compared with a loss of ¥57.52 per share in the prior year.

Normalized net income was a loss of ¥751.8 million, compared with a loss of ¥2.15 billion in the prior year.

Full-year total revenue fell 17.4% on an annual basis to ¥128.25 billion from ¥155.31 billion, and total operating expenses declined 18.3% year over year to ¥128.53 billion from ¥157.38 billion.

The company said reported net income came to ¥7.81 billion, or ¥209.14 per share, in the full year, compared with a loss of ¥12.86 billion, or a loss of ¥344.31 per share, the prior year.

As of June 27, US$1 was equivalent to ¥101.69.