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Taze Kuru Gida swings to profit in H2

Taze Kuru Gida Sanayi ve TAS said its second-half normalized net income came to 23,170 lira, compared with a loss of 324,080 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed on an annual basis to 1.6 million lira from 709,630 lira, and total operating expenses rose 25.5% year over year to 1.4 million lira from 1.1 million lira.

Reported net income totaled 36,360 lira, or 0 kurus per share, compared to a loss of 515,340 lira, or a loss of 1 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 284,240 lira, compared with a loss of -501,120 lira in the prior year.

Full-year total revenue rose 90.6% year over year to 2.7 million lira from 1.4 million lira, and total operating expenses grew 39.5% year over year to 2.9 million lira from 2.1 million lira.

The company said reported net income totaled a loss of 448,200 lira, or a loss of 1 kurus per share, in the full year, compared with a loss of 796,710 lira, or a loss of 1 kurus per share, the prior year.

As of March 1, US$1 was equivalent to 2.95 Turkish lira.