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Greenland Resort Q4 profit falls YOY

Greenland Resort Company Ltd said its fourth-quarter normalized net income amounted to 73 Japanese sen per share, a decrease of 89.7% from ¥7.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.5 million, a decrease of 89.7% from ¥72.5 million in the prior-year period.

The normalized profit margin dropped to 0.4% from 4.2% in the year-earlier period.

Total revenue declined on an annual basis to ¥1.72 billion from ¥1.74 billion, and total operating expenses totaled ¥1.70 billion, compared with ¥1.69 billion in the prior-year period.

Reported net income came to a loss of ¥17.0 million, or a loss of ¥1.64 per share, compared to income of ¥80.0 million, or ¥7.74 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥28.36 per share, a gain of 75.0% from ¥16.20 per share in the prior year.

Normalized net income was ¥293.1 million, an increase of 75.0% from ¥167.5 million in the prior year.

Full-year total revenue increased 5.6% from the prior-year period to ¥7.94 billion from ¥7.52 billion, and total operating expenses increased on an annual basis to ¥7.44 billion from ¥7.28 billion.

The company said reported net income grew 63.7% on an annual basis to ¥280.0 million, or ¥27.09 per share, in the full year, from ¥171.0 million, or ¥16.54 per share.

As of March 24, US$1 was equivalent to ¥112.66.