Marmaris Altinyunus Turistik Tesisler AS said its normalized net income for the fourth quarter came to 5 kurus per share, a decline of 38.7% from 8 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 284,480 lira, a decline of 38.6% from 463,580 lira in the year-earlier period.

The normalized profit margin declined to 16.1% from 33.7% in the year-earlier period.

Total revenue rose 28.2% on an annual basis to 1.8 million lira from 1.4 million lira, and total operating expenses climbed 41.7% on an annual basis to 1.6 million lira from 1.1 million lira.

Reported net income declined 44.8% from the prior-year period to 409,450 lira, or 7 kurus per share, from 741,730 lira, or 13 kurus per share.

For the year, the company's normalized net income totaled 45 kurus per share, a gain of 35.6% from 33 kurus per share in the prior year.

Normalized net income was 2.5 million lira, a rise of 35.6% from 1.8 million lira in the prior year.

Full-year total revenue grew 24.5% from the prior-year period to 6.8 million lira from 5.4 million lira, and total operating expenses grew 23.6% on an annual basis to 4.9 million lira from 3.9 million lira.

The company said reported net income increased 11.6% year over year to 3.3 million lira, or 59 kurus per share, in the full year, from 2.9 million lira, or 53 kurus per share.

As of Feb. 5, US$1 was equivalent to 2.92 Turkish lira.