Banners Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥2.74 per share, an increase from ¥1.32 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥50.0 million, an increase from ¥25.0 million in the year-earlier period.

The normalized profit margin rose to 3.6% from 1.9% in the year-earlier period.

Total revenue grew 6.5% on an annual basis to ¥1.40 billion from ¥1.32 billion, and total operating expenses grew on an annual basis to ¥1.32 billion from ¥1.28 billion.

Reported net income grew 52.2% on an annual basis to ¥70.0 million, or ¥3.84 per share, from ¥46.0 million, or ¥2.42 per share.

For the year, the company's normalized net income totaled ¥6.07 per share, an increase of 54.0% from ¥3.94 per share in the prior year.

Normalized net income was ¥113.1 million, a gain of 48.4% from ¥76.3 million in the prior year.

Full-year total revenue grew 7.2% on an annual basis to ¥4.34 billion from ¥4.05 billion, and total operating expenses increased 5.8% on an annual basis to ¥4.15 billion from ¥3.92 billion.

The company said reported net income grew 10.0% year over year to ¥154.0 million, or ¥8.26 per share, in the full year, from ¥140.0 million, or ¥7.24 per share.

As of June 29, US$1 was equivalent to ¥102.64.