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Karsu Tekstil swings to profit in Q4

Karsu Tekstil Sanayii ve Ticaret AS said its fourth-quarter normalized net income was 9 kurus per share, compared with a loss of 27 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 3.1 million lira, compared with a loss of 9.6 million lira in the year-earlier period.

The normalized profit margin rose to 9.3% from negative 37.5% in the year-earlier period.

Total revenue climbed 25.8% year over year to 32.2 million lira from 25.6 million lira, and total operating expenses fell 24.3% from the prior-year period to 32.1 million lira from 42.4 million lira.

Reported net income came to 5.8 million lira, or 16 kurus per share, compared to a loss of 9.6 million lira, or a loss of 27 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 14 kurus per share, compared with a loss of 32 kurus per share in the prior year.

Normalized net income was a loss of 5.1 million lira, compared with a loss of 11.1 million lira in the prior year.

Full-year total revenue grew 21.1% year over year to 116.2 million lira from 96.0 million lira, and total operating expenses decreased on an annual basis to 113.2 million lira from 114.8 million lira.

The company said reported net income totaled a loss of 11.7 million lira, or a loss of 33 kurus per share, in the full year, compared with a loss of 11.5 million lira, or a loss of 33 kurus per share, the prior year.

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