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Owari Precise Products swings to loss in fiscal Q4

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Owari Precise Products swings to loss in fiscal Q4

Owari Precise Products Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥23.90 per share, compared with ¥94.89 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥27.6 million, compared with income of ¥109.8 million in the prior-year period.

The normalized profit margin fell to negative 0.7% from 2.6% in the year-earlier period.

Total revenue fell year over year to ¥4.12 billion from ¥4.22 billion, and total operating expenses increased from the prior-year period to ¥4.11 billion from ¥4.07 billion.

Reported net income totaled a loss of ¥122.0 million, or a loss of ¥105.56 per share, compared to income of ¥96.0 million, or ¥83.00 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥234.97 per share, a decrease of 40.6% from ¥395.67 per share in the prior year.

Normalized net income was ¥271.6 million, a fall of 40.7% from ¥457.8 million in the prior year.

Full-year total revenue increased year over year to ¥16.38 billion from ¥15.73 billion, and total operating expenses increased on an annual basis to ¥15.94 billion from ¥15.21 billion.

The company said reported net income declined 44.4% year over year to ¥350.0 million, or ¥302.77 per share, in the full year, from ¥629.0 million, or ¥543.69 per share.

As of June 24, US$1 was equivalent to ¥102.09.