Misawa Homes Chugoku Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥9.28 per share, a decline of 67.6% from ¥28.61 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥106.9 million, a decline of 67.6% from ¥329.4 million in the year-earlier period.

The normalized profit margin fell to 1.1% from 2.8% in the year-earlier period.

Total revenue decreased 18.3% on an annual basis to ¥9.55 billion from ¥11.69 billion, and total operating expenses decreased 16.0% from the prior-year period to ¥9.36 billion from ¥11.14 billion.

Reported net income came to a loss of ¥150.0 million, or a loss of ¥13.03 per share, compared to income of ¥307.0 million, or ¥26.67 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of ¥12.59 per share, compared with ¥34.85 per share in the prior year.

Normalized net income was a loss of ¥145.0 million, compared with income of ¥401.3 million in the prior year.

Full-year total revenue declined 14.7% year over year to ¥29.72 billion from ¥34.83 billion, and total operating expenses fell 12.4% year over year to ¥29.91 billion from ¥34.14 billion.

The company said reported net income came to a loss of ¥369.0 million, or a loss of ¥32.05 per share, in the full year, compared with income of ¥300.0 million, or ¥26.05 per share, the prior year.

As of June 22, US$1 was equivalent to ¥123.23.