Pola Orbis Holdings Inc. said its normalized net income for the fourth quarter was ¥19.68 per share, a decline of 17.4% from ¥23.84 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.36 billion, a decrease of 17.4% from ¥5.28 billion in the year-earlier period.

The normalized profit margin dropped to 7.0% from 9.4% in the year-earlier period.

Total revenue rose 11.1% on an annual basis to ¥62.28 billion from ¥56.08 billion, and total operating expenses grew 12.8% year over year to ¥55.02 billion from ¥48.76 billion.

Reported net income decreased 12.1% year over year to ¥4.84 billion, or ¥21.84 per share, from ¥5.50 billion, or ¥24.86 per share.

For the year, the company's normalized net income totaled ¥63.01 per share, a gain of 13.6% from ¥55.48 per share in the prior year.

Normalized net income was ¥13.95 billion, an increase of 13.6% from ¥12.28 billion in the prior year.

Full-year total revenue increased 8.4% year over year to ¥214.79 billion from ¥198.09 billion, and total operating expenses increased 6.6% on an annual basis to ¥192.28 billion from ¥180.41 billion.

The company said reported net income increased 35.8% on an annual basis to ¥14.10 billion, or ¥63.66 per share, in the full year, from ¥10.38 billion, or ¥46.90 per share.

As of March 30, US$1 was equivalent to ¥112.45.