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Merko Gida swings to profit in Q4

Merko Gida Sanayi ve Ticaret A.S. said its normalized net income for the fourth quarter amounted to 2 kurus per share, compared with a loss of 2 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 479,650 lira, compared with a loss of 622,090 lira in the year-earlier period.

The normalized profit margin rose to 2.1% from negative 4.3% in the year-earlier period.

Total revenue grew 57.0% year over year to 22.8 million lira from 14.5 million lira, and total operating expenses climbed 55.8% from the prior-year period to 23.5 million lira from 15.1 million lira.

Reported net income totaled 641,090 lira, or 2 kurus per share, compared to a loss of 789,420 lira, or a loss of 3 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 kurus per share, a decline of 91.0% from 22 kurus per share in the prior year.

Normalized net income was 537,210 lira, a decrease of 91.0% from 6.0 million lira in the prior year.

Full-year total revenue decreased 35.0% on an annual basis to 72.2 million lira from 111.1 million lira, and total operating expenses decreased 33.3% year over year to 69.6 million lira from 104.3 million lira.

The company said reported net income decreased 92.4% year over year to 658,940 lira, or 2 kurus per share, in the full year, from 8.6 million lira, or 32 kurus per share.

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