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Kent Gida Maddeleri swings to loss in Q4

Kent Gida Maddeleri Sanayii ve Ticaret A.S. said its normalized net income for the fourth quarter was a loss of 40 kurus per share, compared with 21 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.7 million lira, compared with income of 6.1 million lira in the prior-year period.

The normalized profit margin fell to negative 9.8% from 4.2% in the year-earlier period.

Total revenue fell 17.9% on an annual basis to 118.9 million lira from 144.7 million lira, and total operating expenses declined 11.3% year over year to 133.8 million lira from 150.9 million lira.

Reported net income decreased 85.8% year over year to 1.4 million lira, or 5 kurus per share, from 9.9 million lira, or 34 kurus per share.

For the year, the company's normalized net income totaled 1.22 lira per share, an increase of 94.1% from 63 kurus per share in the prior year.

Normalized net income was 35.3 million lira, a rise of 94.3% from 18.2 million lira in the prior year.

Full-year total revenue declined 11.0% from the prior-year period to 554.8 million lira from 623.2 million lira, and total operating expenses fell 12.7% year over year to 533.2 million lira from 610.7 million lira.

The company said reported net income increased on an annual basis to 49.1 million lira, or 1.69 lira per share, in the full year, from 19.9 million lira, or 69 kurus per share.

As of Feb. 26, US$1 was equivalent to 2.96 Turkish lira.