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Migros Ticaret Q4 profit climbs YOY

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Migros Ticaret Q4 profit climbs YOY

Migros Ticaret AS said its fourth-quarter normalized net income amounted to 61 kurus per share, compared with the S&P Capital IQ consensus estimate of a loss of 1.03 lira per share.

EPS climbed year over year from 23 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 107.8 million lira, an increase from 41.8 million lira in the year-earlier period.

The normalized profit margin rose to 4.8% from 2.0% in the year-earlier period.

Total revenue increased 13.8% year over year to 2.38 billion lira from 2.09 billion lira, and total operating expenses rose 13.9% on an annual basis to 2.30 billion lira from 2.01 billion lira.

Reported net income grew from the prior-year period to 85.1 million lira, or 48 kurus per share, from 23.2 million lira, or 13 kurus per share.

For the year, the company's normalized net income totaled a loss of 44 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 1.21 lira.

EPS was 67 kurus in the prior year.

Normalized net income was a loss of 77.8 million lira, compared with income of 120.1 million lira in the prior year.

Full-year total revenue grew 15.6% year over year to 9.39 billion lira from 8.12 billion lira, and total operating expenses increased 15.5% year over year to 9.02 billion lira from 7.81 billion lira.

The company said reported net income came to a loss of 370.5 million lira, or a loss of 2.08 lira per share, in the full year, compared with income of 96.2 million lira, or 54 kurus per share, the prior year.

As of March 2, US$1 was equivalent to 2.94 Turkish lira.