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Onward Holdings swings to loss in fiscal Q4

Onward Holdings Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was a loss of ¥5.85 per share, compared with ¥1.93 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 ¥918.8 million, compared with income of ¥303.6 million in the prior-year period.

The normalized profit margin declined to negative 1.2% from 0.4% in the year-earlier period.

Total revenue came to ¥73.78 billion, compared with ¥73.63 billion in the year-earlier period, and total operating expenses climbed year over year to ¥76.17 billion from ¥74.33 billion.

Reported net income came to a loss of ¥1.62 billion, or a loss of ¥10.31 per share, compared to a loss of ¥1.10 billion, or a loss of ¥7.00 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥29.81 per share, a decrease of 39.5% from ¥49.25 per share in the prior year.

Normalized net income was ¥4.73 billion, a decline of 39.4% from ¥7.81 billion in the prior year.

Full-year total revenue amounted to ¥281.50 billion, compared with ¥279.07 billion in the prior year, and total operating expenses increased year over year to ¥275.77 billion from ¥269.65 billion.

The company said reported net income declined 9.8% on an annual basis to ¥4.20 billion, or ¥26.48 per share, in the full year, from ¥4.66 billion, or ¥29.40 per share.

As of May 29, US$1 was equivalent to ¥124.15.