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H2O Retailing fiscal Q4 profit falls YOY

H2O Retailing Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥24.77 per share, a decline of 37.5% from ¥39.62 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.06 billion, a decline of 20.3% from ¥3.85 billion in the prior-year period.

The normalized profit margin fell to 1.4% from 2.5% in the year-earlier period.

Total revenue rose 42.5% on an annual basis to ¥222.39 billion from ¥156.09 billion, and total operating expenses climbed 44.9% from the prior-year period to ¥217.14 billion from ¥149.88 billion.

Reported net income totaled a loss of ¥899.0 million, or a loss of ¥7.27 per share, compared to a loss of ¥6.58 billion, or a loss of ¥67.77 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥111.97 per share, a decrease from ¥116.14 per share in the prior year.

Normalized net income was ¥13.29 billion, an increase of 17.3% from ¥11.32 billion in the prior year.

Full-year total revenue grew 46.5% year over year to ¥844.82 billion from ¥576.85 billion, and total operating expenses rose 47.2% year over year to ¥823.46 billion from ¥559.54 billion.

The company said reported net income rose on an annual basis to ¥11.59 billion, or ¥97.64 per share, in the full year, from ¥296.4 million, or ¥3.04 per share.

As of June 24, US$1 was equivalent to ¥124.31.