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Parsan Makina Parçalari Sanayii Q4 profit climbs YOY

Parsan Makina Parçalari Sanayii AS said its normalized net income for the fourth quarter came to 11 kurus per share, an increase from 4 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 8.7 million lira, a gain from 3.3 million lira in the prior-year period.

The normalized profit margin climbed to 15.1% from 6.7% in the year-earlier period.

Total revenue increased 19.7% year over year to 57.8 million lira from 48.3 million lira, and total operating expenses increased 45.9% year over year to 63.1 million lira from 43.3 million lira.

Reported net income increased on an annual basis to 14.7 million lira, or 19 kurus per share, from 4.5 million lira, or 6 kurus per share.

For the year, the company's normalized net income totaled 10 kurus per share, a fall of 57.4% from 23 kurus per share in the prior year.

Normalized net income was 7.7 million lira, a decline of 57.4% from 18.0 million lira in the prior year.

Full-year total revenue rose 11.8% on an annual basis to 217.3 million lira from 194.4 million lira, and total operating expenses rose 17.1% on an annual basis to 200.1 million lira from 170.8 million lira.

The company said reported net income fell 24.6% year over year to 19.0 million lira, or 25 kurus per share, in the full year, from 25.1 million lira, or 33 kurus per share.

As of March 4, US$1 was equivalent to 2.91 Turkish lira.