OSAKA -- Troubled retailer Mycal Corp. said Friday that it incurred a consolidated net loss of 87.29 billion yen in the year that ended in February, leaving it in the red for the third straight year.
The large figure is due to an extraordinary loss of 160.51 billion yen resulting mainly from management rehabilitation efforts, including the liquidation of unprofitable operations and an early-retirement program.
Although consolidated operating profit jumped 101.1 percent over the previous year to 19.04 billion yen, on a 7.2 percent fall in group sales to 1.723 trillion yen, an increase in nonoperating expenses led to a pretax loss of 6.79 billion yen.
Net loss per share was 275.96 yen, the Osaka-based company said.
For the current business year, Mycal projects both consolidated net and pretax profits of 1 billion yen on group sales of 1.62 trillion yen.
On an unconsolidated basis, it reported a net loss of 62.01 billion yen. Pretax profit fell 74.6 percent to 824 million yen on a 2.8 percent fall in sales to 1.05 trillion yen.
Mycal said that, as it will forgo yearend dividend payments, 5 yen per share paid for the first half of the just-ended business year will become an annual dividend. In the previous business year, it paid an annual dividend of 22 yen.