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Penguen Gida Sanayi swings to profit in Q4

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Penguen Gida Sanayi swings to profit in Q4

Penguen Gida Sanayi AS said its normalized net income for the fourth quarter amounted to 11 kurus per share, compared with a loss of 8 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 6.3 million lira, compared with a loss of 4.3 million lira in the year-earlier period.

The normalized profit margin rose to 17.3% from negative 15.9% in the year-earlier period.

Total revenue grew 34.8% year over year to 36.1 million lira from 26.7 million lira, and total operating expenses grew on an annual basis to 36.0 million lira from 34.4 million lira.

Reported net income totaled 10.0 million lira, or 18 kurus per share, compared to a loss of 7.2 million lira, or a loss of 13 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 kurus per share, compared with a loss of 11 kurus per share in the prior year.

Normalized net income was 2.6 million lira, compared with a loss of 6.3 million lira in the prior year.

Full-year total revenue increased on an annual basis to 107.4 million lira from 103.4 million lira, and total operating expenses decreased 8.7% year over year to 103.1 million lira from 112.9 million lira.

The company said reported net income came to 3.8 million lira, or 7 kurus per share, in the full year, compared with a loss of 11.8 million lira, or a loss of 21 kurus per share, the prior year.

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