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Dogus Otomotiv swings to loss in Q4

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Dogus Otomotiv swings to loss in Q4

Dogus Otomotiv Servis ve Ticaret AS said its normalized net income for the fourth quarter amounted to a loss of 2 kurus per share, compared with the S&P Capital IQ consensus estimate of 29 kurus per share.

The per-share result swung to a loss from the prior-year profit of 16 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.3 million lira, compared with income of 36.0 million lira in the year-earlier period.

The normalized profit margin declined to 0.0% from 1.4% in the year-earlier period.

Total revenue climbed 10.5% year over year to 2.93 billion lira from 2.65 billion lira, and total operating expenses climbed 11.7% on an annual basis to 2.87 billion lira from 2.57 billion lira.

Reported net income fell 91.5% on an annual basis to 6.2 million lira, or 3 kurus per share, from 73.5 million lira, or 33 kurus per share.

For the year, the company's normalized net income totaled 99 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.50 lira.

EPS rose 30.9% from 76 kurus in the prior year.

Normalized net income was 218.6 million lira, a gain of 31.0% from 166.9 million lira in the prior year.

Full-year total revenue rose 41.6% on an annual basis to 10.89 billion lira from 7.69 billion lira, and total operating expenses increased 41.4% on an annual basis to 10.44 billion lira from 7.38 billion lira.

The company said reported net income rose 20.4% year over year to 302.9 million lira, or 1.38 lira per share, in the full year, from 251.6 million lira, or 1.14 lira per share.

As of Feb. 29, US$1 was equivalent to 2.95 Turkish lira.