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Funai Electric fiscal Q4 loss widens YOY

Funai Electric Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥94.38 per share, compared with a loss of ¥41.05 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 ¥3.22 billion, compared with a loss of ¥1.40 billion in the year-earlier period.

The normalized profit margin fell to negative 8.8% from negative 3.2% in the year-earlier period.

Total revenue declined 15.9% on an annual basis to ¥36.72 billion from ¥43.66 billion, and total operating expenses declined 10.1% year over year to ¥40.04 billion from ¥44.54 billion.

Reported net income came to a loss of ¥24.81 billion, or a loss of ¥727.25 per share, compared to a loss of ¥2.60 billion, or a loss of ¥76.06 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥249.03 per share, compared with ¥13.20 per share in the prior year.

Normalized net income was a loss of ¥8.50 billion, compared with income of ¥450.3 million in the prior year.

Full-year total revenue decreased 21.5% on an annual basis to ¥170.04 billion from ¥216.55 billion, and total operating expenses declined 16.9% on an annual basis to ¥180.58 billion from ¥217.21 billion.

The company said reported net income totaled a loss of ¥33.84 billion, or a loss of ¥991.79 per share, in the full year, compared with income of ¥31.0 million, or 91 sen per share, the prior year.

As of June 30, US$1 was equivalent to ¥102.42.