Dagi Giyim Sanayi ve Ticaret AS said its fourth-quarter normalized net income was 3 kurus per share, a decrease of 33.0% from 5 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 1.4 million lira, a decrease of 33.0% from 2.1 million lira in the year-earlier period.

The normalized profit margin declined to 13.1% from 13.8% in the year-earlier period.

Total revenue climbed 48.1% on an annual basis to 22.7 million lira from 15.3 million lira, and total operating expenses increased 63.1% on an annual basis to 23.5 million lira from 14.4 million lira.

Reported net income fell 55.8% from the prior-year period to 1.8 million lira, or 4 kurus per share, from 4.1 million lira, or 9 kurus per share.

For the year, the company's normalized net income totaled 12 kurus per share, a gain of 33.0% from 9 kurus per share in the prior year.

Normalized net income was 5.0 million lira, a rise of 33.0% from 3.8 million lira in the prior year.

Full-year total revenue increased 55.6% year over year to 96.3 million lira from 61.9 million lira, and total operating expenses increased 57.3% year over year to 87.5 million lira from 55.6 million lira.

The company said reported net income declined 69.4% on an annual basis to 3.9 million lira, or 9 kurus per share, in the full year, from 12.8 million lira, or 30 kurus per share.

As of Feb. 25, US$1 was equivalent to 2.93 Turkish lira.