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Akebono Brake Industry swings to loss in fiscal Q4

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Akebono Brake Industry swings to loss in fiscal Q4

Akebono Brake Industry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥1.89 per share, compared with ¥9.62 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥251.0 million, compared with income of ¥1.28 billion in the year-earlier period.

The normalized profit margin declined to negative 0.4% from 2.1% in the year-earlier period.

Total revenue increased 13.3% year over year to ¥68.43 billion from ¥60.41 billion, and total operating expenses climbed 17.4% year over year to ¥67.53 billion from ¥57.52 billion.

Reported net income came to a loss of ¥5.59 billion, or a loss of ¥42.07 per share, compared to income of ¥894.9 million, or ¥6.71 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥4.16 per share, a decrease of 81.2% from ¥22.13 per share in the prior year.

Normalized net income was ¥553.0 million, a decrease of 81.3% from ¥2.95 billion in the prior year.

Full-year total revenue increased 7.4% on an annual basis to ¥254.16 billion from ¥236.66 billion, and total operating expenses increased 9.4% on an annual basis to ¥250.44 billion from ¥228.94 billion.

The company said reported net income totaled a loss of ¥6.09 billion, or a loss of ¥45.83 per share, in the full year, compared with income of ¥2.42 billion, or ¥18.17 per share, the prior year.

As of June 17, US$1 was equivalent to ¥124.24.