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Izmir Firça Q4 profit falls YOY

Izmir Firça Sanayi ve Ticaret AS said its fourth-quarter normalized net income came to 2 kurus per share, an increase of 89.4% from 1 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 342,290 lira, a decrease of 8.4% from 373,510 lira in the year-earlier period.

The normalized profit margin declined to 7.3% from 9.6% in the year-earlier period.

Total revenue climbed 20.2% on an annual basis to 4.7 million lira from 3.9 million lira, and total operating expenses climbed 43.3% from the prior-year period to 4.4 million lira from 3.0 million lira.

Reported net income grew from the prior-year period to 469,400 lira, or 3 kurus per share, from 451,380 lira, or 1 kurus per share.

For the year, the company's normalized net income totaled 2 kurus per share, a decline of 36.5% from 4 kurus per share in the prior year.

Normalized net income was 393,810 lira, a decline of 36.6% from 620,720 lira in the prior year.

Full-year total revenue rose 14.5% from the prior-year period to 15.8 million lira from 13.8 million lira, and total operating expenses grew 18.7% on an annual basis to 14.9 million lira from 12.5 million lira.

The company said reported net income declined 37.2% year over year to 538,230 lira, or 3 kurus per share, in the full year, from 857,220 lira, or 5 kurus per share.

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