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Tek-Art Turizm Q4 loss narrows YOY

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its fourth-quarter normalized net income came to a loss of 841,700 lira, compared with a loss of 900,400 lira in the prior-year period.

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

The normalized profit margin climbed to negative 45.5% from negative 146.0% in the year-earlier period.

Total revenue increased year over year to 1.8 million lira from 616,650 lira, and total operating expenses rose 49.5% from the prior-year period to 3.5 million lira from 2.4 million lira.

Reported net income totaled a loss of 1.1 million lira, or a loss of 1 kurus per share, compared to a loss of 1.1 million lira, or a loss of 1 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 1 kurus per share, an increase of 7.6% from 1 kurus per share in the prior year.

Normalized net income was 1.9 million lira, a rise of 7.6% from 1.8 million lira in the prior year.

Full-year total revenue grew 36.4% year over year to 21.1 million lira from 15.5 million lira, and total operating expenses rose 18.0% on an annual basis to 17.1 million lira from 14.5 million lira.

The company said reported net income grew on an annual basis to 2.3 million lira, or 2 kurus per share, in the full year, from 2.3 million lira, or 2 kurus per share.

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