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I.A Group swings to loss in fiscal Q4

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I.A Group swings to loss in fiscal Q4

I.A Group Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥43.85 per share, compared with ¥54.07 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 ¥73.8 million, compared with income of ¥93.8 million in the year-earlier period.

The normalized profit margin dropped to negative 0.9% from 1.1% in the year-earlier period.

Total revenue came to ¥8.53 billion, compared with ¥8.59 billion in the prior-year period, and total operating expenses grew from the prior-year period to ¥8.79 billion from ¥8.53 billion.

Reported net income came to a loss of ¥165.0 million, or a loss of ¥98.10 per share, compared to income of ¥38.0 million, or ¥21.92 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥538.09 per share, a decrease of 40.9% from ¥910.96 per share in the prior year.

Normalized net income was ¥920.0 million, a decrease of 41.9% from ¥1.58 billion in the prior year.

Full-year total revenue declined year over year to ¥35.24 billion from ¥36.04 billion, and total operating expenses increased year over year to ¥34.27 billion from ¥33.80 billion.

The company said reported net income decreased 41.8% on an annual basis to ¥827.0 million, or ¥483.69 per share, in the full year, from ¥1.42 billion, or ¥817.67 per share.

As of June 23, US$1 was equivalent to ¥123.88.