Ittifak Holding AS said its fourth-quarter normalized net income came to 70 kurus per share, an increase from 18 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 42.3 million lira, an increase from 10.7 million lira in the prior-year period.

The normalized profit margin climbed to 12.6% from 4.1% in the year-earlier period.

Total revenue rose 6.1% year over year to 279.4 million lira from 263.2 million lira, and total operating expenses climbed 7.0% year over year to 257.8 million lira from 241.0 million lira.

Reported net income grew on an annual basis to 55.7 million lira, or 93 kurus per share, from 8.2 million lira, or 14 kurus per share.

For the year, the company's normalized net income totaled 71 kurus per share, an increase from 22 kurus per share in the prior year.

Normalized net income was 42.5 million lira, an increase from 13.2 million lira in the prior year.

Full-year total revenue totaled 972.7 million lira, compared with 967.8 million lira in the prior year, and total operating expenses fell on an annual basis to 922.4 million lira from 935.1 million lira.

The company said reported net income grew on an annual basis to 57.7 million lira, or 96 kurus per share, in the full year, from 9.9 million lira, or 16 kurus per share.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.