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Car Mate swings to loss in fiscal Q4

Car Mate Mfg. Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥39.23 per share, compared with ¥14.89 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 ¥298.1 million, compared with income of ¥113.1 million in the prior-year period.

The normalized profit margin declined to negative 7.9% from 2.7% in the year-earlier period.

Total revenue declined 9.1% on an annual basis to ¥3.77 billion from ¥4.14 billion, and total operating expenses grew 7.8% from the prior-year period to ¥4.24 billion from ¥3.94 billion.

Reported net income came to a loss of ¥395.0 million, or a loss of ¥51.98 per share, compared to income of ¥60.0 million, or ¥7.90 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥21.96 per share, a decline of 80.5% from ¥112.68 per share in the prior year.

Normalized net income was ¥166.9 million, a decrease of 80.5% from ¥856.3 million in the prior year.

Full-year total revenue declined on an annual basis to ¥19.22 billion from ¥20.10 billion, and total operating expenses increased year over year to ¥19.04 billion from ¥18.77 billion.

The company said reported net income decreased 92.0% year over year to ¥65.0 million, or ¥8.55 per share, in the full year, from ¥817.0 million, or ¥107.51 per share.

As of June 26, US$1 was equivalent to ¥123.96.