Citizen Watch Co. reported Tuesday a group net profit of 5.82 billion yen for the year that ended March 31, a turnaround from a loss of 12.61 billion yen the previous year.
Net profit per share was 13.38 yen, compared with a loss of 41.04 yen per share the previous year.
The maker of watches and electronics products ascribed the recovery to smaller one-time losses. It booked 10.49 billion yen in such losses this year against the previous year's 18.09 billion yen.
The previous year's one-off losses included 7.72 billion yen in special retirement allowance payments and 6.02 billion yen in appraisal losses on its securities holdings.
Consolidated pretax profit surged 107 percent to 21.05 billion yen on a 2 percent gain in sales to 333.99 billion yen.
For the year to next March 31, the company expects group net profit to rise 37.5 percent to 8 billion yen and group pretax profit to inch down 0.2 percent to 21 billion yen, on a 5.1 percent rise in sales to 351 billion yen.