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Funai Electric fiscal Q4 loss narrows YOY

Funai Electric Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥41.05 per share, compared with a loss of ¥117.00 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥1.40 billion, compared with a loss of ¥3.99 billion in the prior-year period.

The normalized profit margin rose to negative 3.2% from negative 8.1% in the year-earlier period.

Total revenue declined 11.3% year over year to ¥43.66 billion from ¥49.22 billion, and total operating expenses declined 18.4% on an annual basis to ¥44.54 billion from ¥54.60 billion.

Reported net income totaled a loss of ¥2.60 billion, or a loss of ¥76.06 per share, compared to a loss of ¥7.80 billion, or a loss of ¥228.58 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥13.20 per share, compared with a loss of ¥54.35 per share in the prior year.

Normalized net income was ¥450.3 million, compared with a loss of ¥1.85 billion in the prior year.

Full-year total revenue declined 7.4% from the prior-year period to ¥216.55 billion from ¥233.80 billion, and total operating expenses decreased 9.5% on an annual basis to ¥217.21 billion from ¥239.99 billion.

The company said reported net income came to ¥31.0 million, or 91 sen per share, in the full year, compared with a loss of ¥7.40 billion, or a loss of ¥216.89 per share, the prior year.

As of June 25, US$1 was equivalent to ¥123.71.