Yaprak Süt ve Besi Çiftlikleri Sanayi ve TAS said its fourth-quarter normalized net income came to 1 kurus per share, a decline of 59.0% from 3 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 87,730 lira, a decline of 59.0% from 213,920 lira in the year-earlier period.

The normalized profit margin fell to 3.2% from 8.4% in the year-earlier period.

Total revenue rose 7.4% year over year to 2.7 million lira from 2.6 million lira, and total operating expenses grew 18.9% year over year to 2.6 million lira from 2.2 million lira.

Reported net income came to 164,460 lira, or 2 kurus per share, compared to a loss of 44,720 lira, or a loss of 1 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 10 kurus per share, a fall of 34.8% from 15 kurus per share in the prior year.

Normalized net income was 704,630 lira, a decrease of 34.8% from 1.1 million lira in the prior year.

Full-year total revenue grew 9.8% from the prior-year period to 11.2 million lira from 10.2 million lira, and total operating expenses grew 19.1% year over year to 10.1 million lira from 8.5 million lira.

The company said reported net income rose on an annual basis to 1.8 million lira, or 26 kurus per share, in the full year, from 633,060 lira, or 9 kurus per share.

As of March 9, US$1 was equivalent to 2.89 Turkish lira.