Desa Deri Sanayi ve Ticaret A.S. said its normalized net income for the fourth quarter amounted to 5 kurus per share, a decline of 7.1% from 6 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.0 million lira, an increase from 2.9 million lira in the prior-year period.

The normalized profit margin rose to 5.6% from 4.9% in the year-earlier period.

Total revenue fell 12.2% on an annual basis to 51.2 million lira from 58.3 million lira, and total operating expenses declined from the prior-year period to 52.1 million lira from 53.3 million lira.

Reported net income grew 21.1% year over year to 4.4 million lira, or 8 kurus per share, from 3.6 million lira, or 7 kurus per share.

For the year, the company's normalized net income totaled a loss of 5 kurus per share, compared with 7 kurus per share in the prior year.

Normalized net income was a loss of 2.6 million lira, compared with income of 3.4 million lira in the prior year.

Full-year total revenue decreased 6.4% on an annual basis to 197.8 million lira from 211.3 million lira, and total operating expenses fell 5.2% on an annual basis to 192.8 million lira from 203.4 million lira.

The company said reported net income came to a loss of 4.1 million lira, or a loss of 8 kurus per share, in the full year, compared with income of 4.8 million lira, or 10 kurus per share, the prior year.

As of Feb. 24, US$1 was equivalent to 2.95 Turkish lira.