Pinar Entegre Et ve Un Sanayii A.S. said its fourth-quarter normalized net income was 39 kurus per share, a gain from 19 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 16.8 million lira, an increase from 8.4 million lira in the prior-year period.

The normalized profit margin rose to 11.5% from 6.3% in the year-earlier period.

Total revenue increased 9.4% year over year to 145.5 million lira from 132.9 million lira, and total operating expenses grew 8.5% on an annual basis to 133.4 million lira from 122.9 million lira.

Reported net income increased 93.2% from the prior-year period to 24.4 million lira, or 56 kurus per share, from 12.6 million lira, or 29 kurus per share.

For the year, the company's normalized net income totaled 1.09 lira per share, an increase of 52.2% from 71 kurus per share in the prior year.

Normalized net income was 47.1 million lira, a rise of 52.2% from 31.0 million lira in the prior year.

Full-year total revenue increased 7.3% from the prior-year period to 591.1 million lira from 550.9 million lira, and total operating expenses grew 5.7% year over year to 544.3 million lira from 514.7 million lira.

The company said reported net income rose 50.3% year over year to 66.5 million lira, or 1.53 lira per share, in the full year, from 44.3 million lira, or 1.02 lira per share.

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