Online broker Matsui Securities Co. said Thursday its group net profit fell 20.6 percent to 1.49 billion yen in the year that ended March 31.
It blamed the decline on increased administration-outsourcing costs and depreciation expenses related to a change in its computer system.
Net profit per share was 16.94 yen, down from 24.56 yen the previous year.
Group pretax profit slid 10.7 percent to 3.52 billion yen and operating profit dropped 19 percent to 3.54 billion yen.
A 0.2 percent rise in brokerage commission revenues -- despite a general trend among individual investors to pull their money out of stocks -- lifted group operating revenues 5 percent to 13.43 billion yen.
Matsui Securities said it will pay a fiscal 2002 yearend dividend of 5.04 yen per share, up from 3.19 yen the previous year. The company, which does not pay interim dividends, said the increase follows its decision to raise the ratio of net profit to dividends to 30 percent from 15 percent, thereby passing greater profits on to shareholders.
Matsui did not provide earnings projections for the current fiscal year.