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Adadolu Efes Biracilik vs Malt Sanayii swings to profit in Q4

Adadolu Efes Biracilik vs Malt Sanayii AS said its fourth-quarter normalized net income amounted to 2 kurus per share, compared with the S&P Capital IQ consensus estimate of a loss of 17 kurus per share.

The per-share result swung to a profit from the prior-year loss of 22 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.1 million lira, compared with a loss of 132.6 million lira in the prior-year period.

The normalized profit margin rose to 0.6% from negative 7.2% in the year-earlier period.

Total revenue climbed 5.1% on an annual basis to 1.95 billion lira from 1.85 billion lira, and total operating expenses rose 6.2% year over year to 1.97 billion lira from 1.85 billion lira.

Reported net income came to a loss of 18.6 million lira, or a loss of 3 kurus per share, compared to a loss of 749.6 million lira, or a loss of 1.27 lira per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 20 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 20 kurus.

EPS was 3 kurus in the prior year.

Normalized net income was a loss of 117.8 million lira, compared with income of 20.7 million lira in the prior year.

Full-year total revenue increased year over year to 10.21 billion lira from 10.02 billion lira, and total operating expenses grew year over year to 9.22 billion lira from 9.08 billion lira.

The company said reported net income totaled a loss of 197.8 million lira, or a loss of 33 kurus per share, in the full year, compared with a loss of 512.2 million lira, or a loss of 87 kurus per share, the prior year.

As of March 3, US$1 was equivalent to 2.91 Turkish lira.