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Asaka Industrial swings to loss in fiscal Q4

Asaka Industrial Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥35.11 per share, compared with ¥71.49 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 ¥33.8 million, compared with income of ¥68.8 million in the prior-year period.

The normalized profit margin dropped to negative 1.7% from 3.1% in the year-earlier period.

Total revenue decreased 11.3% on an annual basis to ¥1.95 billion from ¥2.20 billion, and total operating expenses decreased year over year to ¥2.01 billion from ¥2.11 billion.

Reported net income came to a loss of ¥25.0 million, or a loss of ¥26.00 per share, compared to income of ¥60.0 million, or ¥62.39 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥124.82 per share, a decrease from ¥127.38 per share in the prior year.

Normalized net income was ¥120.0 million, a fall from ¥122.5 million in the prior year.

Full-year total revenue rose year over year to ¥8.89 billion from ¥8.66 billion, and total operating expenses increased on an annual basis to ¥8.72 billion from ¥8.49 billion.

The company said reported net income grew 15.9% on an annual basis to ¥124.0 million, or ¥128.98 per share, in the full year, from ¥107.0 million, or ¥111.26 per share.

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