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Söktas Tekstil Q4 profit climbs YOY

Söktas Tekstil Sanayi Ve Ticaret AS said its normalized net income for the fourth quarter was 7.2 million lira, a gain from 119,120 lira in the year-earlier period.

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

The normalized profit margin increased to 10.0% from 0.2% in the year-earlier period.

Total revenue climbed 19.8% year over year to 72.2 million lira from 60.2 million lira, and total operating expenses climbed 11.0% year over year to 63.5 million lira from 57.2 million lira.

Reported net income totaled 8.5 million lira, or 27 kurus per share, compared to a loss of 2.0 million lira, or a loss of 6 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 69 kurus per share, compared with 3 kurus per share in the prior year.

Normalized net income was a loss of 21.9 million lira, compared with income of 1.1 million lira in the prior year.

Full-year total revenue rose year over year to 232.2 million lira from 229.8 million lira, and total operating expenses grew year over year to 219.5 million lira from 212.6 million lira.

The company said reported net income came to a loss of 25.9 million lira, or a loss of 82 kurus per share, in the full year, compared with income of 3.9 million lira, or 12 kurus per share, the prior year.

As of March 9, US$1 was equivalent to 2.89 Turkish lira.