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Kobe Bussan fiscal Q4 profit falls YOY

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Kobe Bussan fiscal Q4 profit falls YOY

Kobe Bussan Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Oct. 31, 2015, came to ¥23.61 per share, a decrease of 33.5% from ¥35.48 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥672.4 million, a decrease of 32.7% from ¥999.6 million in the prior-year period.

The normalized profit margin fell to 1.1% from 1.8% in the year-earlier period.

Total revenue rose 8.9% on an annual basis to ¥58.97 billion from ¥54.14 billion, and total operating expenses increased 8.4% from the prior-year period to ¥57.07 billion from ¥52.66 billion.

Reported net income declined 71.0% year over year to ¥311.0 million, or ¥10.92 per share, from ¥1.07 billion, or ¥28.93 per share.

For the year, the company's normalized net income totaled ¥165.63 per share, a gain of 40.2% from ¥118.13 per share in the prior year.

Normalized net income was ¥4.58 billion, a gain of 37.5% from ¥3.33 billion in the prior year.

Full-year total revenue grew 6.8% year over year to ¥228.59 billion from ¥214.03 billion, and total operating expenses increased 6.2% on an annual basis to ¥221.79 billion from ¥208.86 billion.

The company said reported net income increased 58.9% year over year to ¥4.11 billion, or ¥148.60 per share, in the full year, from ¥2.58 billion, or ¥82.80 per share.

As of Jan. 29, US$1 was equivalent to ¥120.99.