Boyner Perakende ve Tekstil Yatirimlari AS said its normalized net income for the fourth quarter came to 56 kurus per share, a gain of 49.4% from 38 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.5 million lira, a gain from 15.0 million lira in the year-earlier period.

The normalized profit margin increased to 3.2% from 1.5% in the year-earlier period.

Total revenue fell on an annual basis to 959.2 million lira from 985.1 million lira, and total operating expenses fell from the prior-year period to 857.0 million lira from 870.8 million lira.

Reported net income rose from the prior-year period to 77.2 million lira, or 1.33 lira per share, from 20.6 million lira, or 51 kurus per share.

For the year, the company's normalized net income totaled a loss of 5.08 lira per share, compared with a loss of 3.53 lira per share in the prior year.

Normalized net income was a loss of 251.5 million lira, compared with a loss of 141.2 million lira in the prior year.

Full-year total revenue grew 7.5% from the prior-year period to 3.40 billion lira from 3.16 billion lira, and total operating expenses rose 8.5% on an annual basis to 3.29 billion lira from 3.03 billion lira.

The company said reported net income totaled a loss of 381.6 million lira, or a loss of 7.71 lira per share, in the full year, compared with a loss of 226.0 million lira, or a loss of 5.65 lira per share, the prior year.

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