Derimod Konfeksiyon Ayakkabi Deri Sanayi ve Ticaret AS said its fourth-quarter normalized net income was 46 kurus per share, an increase from 15 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 2.1 million lira, an increase from 822,730 lira in the year-earlier period.

The normalized profit margin increased to 3.2% from 1.9% in the year-earlier period.

Total revenue grew 53.3% on an annual basis to 67.0 million lira from 43.7 million lira, and total operating expenses climbed 47.5% year over year to 61.0 million lira from 41.3 million lira.

Reported net income increased from the prior-year period to 3.0 million lira, or 64 kurus per share, from 896,680 lira, or 17 kurus per share.

For the year, the company's normalized net income totaled 77 kurus per share, an increase from 38 kurus per share in the prior year.

Normalized net income was 4.2 million lira, a rise from 2.1 million lira in the prior year.

Full-year total revenue increased 31.2% year over year to 204.5 million lira from 155.9 million lira, and total operating expenses increased 33.1% year over year to 193.7 million lira from 145.6 million lira.

The company said reported net income increased year over year to 5.2 million lira, or 97 kurus per share, in the full year, from 2.5 million lira, or 47 kurus per share.

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