T.Kawabe & Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥2.91 per share, a gain from ¥2.84 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥53.1 million, an increase from ¥51.9 million in the prior-year period.

The normalized profit margin declined to 1.3% from 1.3% in the year-earlier period.

Total revenue climbed on an annual basis to ¥4.18 billion from ¥4.06 billion, and total operating expenses climbed on an annual basis to ¥4.09 billion from ¥3.99 billion.

Reported net income fell 76.2% from the prior-year period to ¥20.0 million, or ¥1.09 per share, from ¥84.0 million, or ¥4.60 per share.

For the year, the company's normalized net income totaled ¥11.73 per share, a decrease of 36.0% from ¥18.34 per share in the prior year.

Normalized net income was ¥214.4 million, a decline of 36.0% from ¥335.0 million in the prior year.

Full-year total revenue decreased from the prior-year period to ¥16.17 billion from ¥16.72 billion, and total operating expenses fell year over year to ¥15.85 billion from ¥16.21 billion.

The company said reported net income grew 22.1% on an annual basis to ¥364.0 million, or ¥19.93 per share, in the full year, from ¥298.0 million, or ¥16.31 per share.

As of June 29, US$1 was equivalent to ¥122.67.