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Yomiuri Land swings to loss in fiscal Q4

Yomiuri Land Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥14.96 per share, compared with ¥58.05 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 ¥115.6 million, compared with income of ¥448.8 million in the year-earlier period.

The normalized profit margin fell to negative 2.4% from 10.4% in the year-earlier period.

Total revenue grew 9.5% year over year to ¥4.74 billion from ¥4.33 billion, and total operating expenses rose 35.2% on an annual basis to ¥5.08 billion from ¥3.75 billion.

Reported net income came to a loss of ¥345.0 million, or a loss of ¥44.63 per share, compared to income of ¥291.0 million, or ¥37.65 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥230.68 per share, a decrease of 7.5% from ¥249.46 per share in the prior year.

Normalized net income was ¥1.78 billion, a fall of 7.6% from ¥1.93 billion in the prior year.

Full-year total revenue increased 8.5% from the prior-year period to ¥18.77 billion from ¥17.30 billion, and total operating expenses rose 11.8% year over year to ¥16.79 billion from ¥15.02 billion.

The company said reported net income grew 12.3% on an annual basis to ¥1.99 billion, or ¥256.93 per share, in the full year, from ¥1.77 billion, or ¥228.65 per share.

As of June 23, US$1 was equivalent to ¥105.69.