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Kitanihon Spinning fiscal Q4 loss narrows YOY

Kitanihon Spinning Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥1.52 per share, compared with a loss of ¥5.06 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥1.9 million, compared with a loss of ¥6.3 million in the prior-year period.

The normalized profit margin climbed to negative 1.6% from negative 6.2% in the year-earlier period.

Total revenue grew 13.9% on an annual basis to ¥115.0 million from ¥101.0 million, and total operating expenses rose 7.5% year over year to ¥115.0 million from ¥107.0 million.

Reported net income totaled a loss of ¥670.0 million, or a loss of ¥542.38 per share, compared to a loss of ¥9.0 million, or a loss of ¥7.29 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥5.06 per share, compared with a loss of ¥13.66 per share in the prior year.

Normalized net income was a loss of ¥6.3 million, compared with a loss of ¥16.9 million in the prior year.

Full-year total revenue increased 10.6% year over year to ¥439.0 million from ¥397.0 million, and total operating expenses grew year over year to ¥442.0 million from ¥421.0 million.

The company said reported net income came to a loss of ¥676.0 million, or a loss of ¥547.24 per share, in the full year, compared with a loss of ¥10.0 million, or a loss of ¥8.10 per share, the prior year.

As of June 29, US$1 was equivalent to ¥122.67.