Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS said its normalized net income for the fourth quarter amounted to 632,540 lira, an increase from 32,770 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 7.5% from 0.5% in the year-earlier period.

Total revenue rose 33.0% year over year to 8.4 million lira from 6.4 million lira, and total operating expenses increased 33.8% year over year to 8.8 million lira from 6.6 million lira.

Reported net income rose year over year to 1.0 million lira, or 21 kurus per share, from 41,660 lira, or 1 kurus per share.

For the year, the company's normalized net income totaled a loss of 46 kurus per share, compared with a loss of 14 kurus per share in the prior year.

Normalized net income was a loss of 2.3 million lira, compared with a loss of 712,660 lira in the prior year.

Full-year total revenue grew 19.2% from the prior-year period to 30.3 million lira from 25.4 million lira, and total operating expenses rose 21.4% on an annual basis to 31.0 million lira from 25.5 million lira.

The company said reported net income totaled a loss of 3.6 million lira, or a loss of 73 kurus per share, in the full year, compared with a loss of 1.2 million lira, or a loss of 23 kurus per share, the prior year.

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