Showa Sangyo Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥17.93 per share, a decrease of 38.6% from ¥29.23 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥573.1 million, a decline of 38.7% from ¥934.6 million in the year-earlier period.

The normalized profit margin fell to 1.0% from 1.5% in the year-earlier period.

Total revenue declined on an annual basis to ¥58.66 billion from ¥60.31 billion, and total operating expenses declined year over year to ¥57.95 billion from ¥59.06 billion.

Reported net income declined 35.0% on an annual basis to ¥595.0 million, or ¥18.62 per share, from ¥916.0 million, or ¥28.65 per share.

For the year, the company's normalized net income totaled ¥153.72 per share, a decrease of 15.0% from ¥180.83 per share in the prior year.

Normalized net income was ¥4.91 billion, a fall of 16.3% from ¥5.87 billion in the prior year.

Full-year total revenue amounted to ¥245.11 billion, compared with ¥246.42 billion in the prior year, and total operating expenses totaled ¥237.97 billion, compared with ¥237.87 billion in the prior-year period.

The company said reported net income fell 18.1% on an annual basis to ¥5.29 billion, or ¥165.41 per share, in the full year, from ¥6.46 billion, or ¥199.00 per share.

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