Consolidated revenue for the fiscal year ended March 31, 2020, increased by 4.6% to 1,060.0 billion yen, due to the revenue increases in all seven segments.
Costs of revenue increased by 4.4% to 722.5 billion yen, equivalent to 68.2% of revenue, down from 68.3% in the previous fiscal year. Selling, general and administrative (SG&A) expenses increased by 1.7% to 194.6 billion yen, equivalent to 18.4% of revenue, up from 18.9% in the previous fiscal year. As a consequence, operating profit increased by 9.7% or 12.6 billion yen to 142.8 billion yen.
Ordinary profit increased by 4.5% or 6.4 billion yen to 151.3 billion yen, despite the decrease in profit growth. The decrease in profit growth was due to the decrease in non-operating income by 29.9% or 5.8 billion yen, chiefly owing to the decrease in net gains on private equity investment in the U.S. etc., while non-operating expenses increased by 6.2% or 0.3 billion yen, largely attributable to the increase in exchange losses.
While extraordinary profit increased by 81.8% or 1.5 billion yen, largely attributable to the increase in net gains on sales of investment securities in subsidiaries and affiliates, extraordinary losses increased by 145.6% or 4.1 billion yen, due to the increase in net losses on revaluation of investment securities attributable to the decline in share prices and the increase in impairment losses on fixed assets. As a consequence, income before income taxes went up by 2.7% or 3.8 billion yen to 147.8 billion yen.
Total income taxes were 45.6 billion yen, up 16.4% or 6.4 billion yen, mainly due to the impact of the change in classification of the entity for tax effect accounting in the previous fiscal year. Total income taxes were equivalent to 30.9% of income before income taxes, up from 27.2% in the previous fiscal year. Net income attributable to noncontrolling interests totaled 13.1 billion yen, increased by 3.1% or 0.4 billion yen. As a result, net income attributable to owners of the parent decreased by 3.2% or 2.9 billion yen to 89.0 billion yen, equivalent to 8.4% of revenue, down from 9.1% in the previous fiscal year.