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Meito Sangyo swings to profit in fiscal Q4

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Meito Sangyo swings to profit in fiscal Q4

Meito Sangyo Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥4.99 per share, compared with a loss of ¥6.70 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥83.8 million, compared with a loss of ¥112.5 million in the year-earlier period.

The normalized profit margin climbed to 1.6% from negative 2.1% in the year-earlier period.

Total revenue totaled ¥5.24 billion, compared with ¥5.25 billion in the year-earlier period, and total operating expenses decreased on an annual basis to ¥5.14 billion from ¥5.34 billion.

Reported net income came to a loss of ¥73.6 million, or a loss of ¥4.41 per share, compared to a loss of ¥106.0 million, or a loss of ¥6.31 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥9.22 per share, an increase from ¥1.71 per share in the prior year.

Normalized net income was ¥155.0 million, an increase from ¥28.8 million in the prior year.

Full-year total revenue increased on an annual basis to ¥20.08 billion from ¥19.30 billion, and total operating expenses grew year over year to ¥20.37 billion from ¥19.85 billion.

The company said reported net income totaled ¥64.9 million, or ¥3.81 per share, in the full year, compared with a loss of ¥261.0 million, or a loss of ¥15.54 per share, the prior year.

As of June 26, US$1 was equivalent to ¥123.96.