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Megmilk Snow Brand swings to profit in fiscal Q4

Megmilk Snow Brand Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥17.33 per share, compared with a loss of ¥14.40 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.18 billion, compared with a loss of ¥976.9 million in the prior-year period.

The normalized profit margin increased to 0.9% from negative 0.8% in the year-earlier period.

Total revenue rose year over year to ¥132.10 billion from ¥128.14 billion, and total operating expenses grew on an annual basis to ¥130.18 billion from ¥127.45 billion.

Reported net income totaled ¥110.0 million, or ¥1.62 per share, compared to a loss of ¥4.16 billion, or a loss of ¥61.36 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥94.23 per share, a gain of 7.1% from ¥88.02 per share in the prior year.

Normalized net income was ¥6.39 billion, an increase of 7.0% from ¥5.97 billion in the prior year.

Full-year total revenue totaled ¥549.82 billion, compared with ¥544.91 billion in the prior year, and total operating expenses grew year over year to ¥540.43 billion from ¥533.66 billion.

The company said reported net income rose 53.0% year over year to ¥3.93 billion, or ¥57.94 per share, in the full year, from ¥2.57 billion, or ¥37.86 per share.

As of June 26, US$1 was equivalent to ¥123.96.