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Watts Co. fiscal Q4 profit falls YOY

Watts Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Aug. 31 came to ¥6.09 per share, a decline of 68.0% from ¥19.05 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥82.5 million, a decrease of 68.0% from ¥258.1 million in the year-earlier period.

The normalized profit margin declined to 0.7% from 2.4% in the year-earlier period.

Total revenue rose year over year to ¥11.16 billion from ¥10.87 billion, and total operating expenses rose 5.4% from the prior-year period to ¥11.03 billion from ¥10.46 billion.

Reported net income fell 75.0% year over year to ¥47.0 million, or ¥3.47 per share, from ¥188.0 million, or ¥13.88 per share.

For the year, the company's normalized net income totaled ¥58.27 per share, a decline of 29.8% from ¥82.99 per share in the prior year.

Normalized net income was ¥789.4 million, a fall of 29.8% from ¥1.12 billion in the prior year.

Full-year total revenue rose on an annual basis to ¥44.46 billion from ¥43.57 billion, and total operating expenses increased on an annual basis to ¥43.20 billion from ¥41.79 billion.

The company said reported net income declined 26.2% on an annual basis to ¥700.0 million, or ¥51.67 per share, in the full year, from ¥948.0 million, or ¥69.97 per share.

As of Nov. 25, US$1 was equivalent to ¥122.85.