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Denizli Cam swings to loss in Q4

Denizli Cam Sanayii ve Ticaret AS said its normalized net income for the fourth quarter came to a loss of 5 kurus per share, compared with 5 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 a loss of 287,700 lira, compared with income of 323,610 lira in the year-earlier period.

The normalized profit margin declined to negative 1.4% from 1.8% in the year-earlier period.

Total revenue grew 9.7% on an annual basis to 20.3 million lira from 18.5 million lira, and total operating expenses climbed 13.2% from the prior-year period to 21.1 million lira from 18.6 million lira.

Reported net income fell 63.9% from the prior-year period to 268,370 lira, or 4 kurus per share, from 742,810 lira, or 12 kurus per share.

For the year, the company's normalized net income totaled 19 kurus per share, an increase from 8 kurus per share in the prior year.

Normalized net income was 1.1 million lira, a rise from 478,530 lira in the prior year.

Full-year total revenue rose 12.0% year over year to 76.5 million lira from 68.3 million lira, and total operating expenses grew 12.5% year over year to 75.8 million lira from 67.3 million lira.

The company said reported net income increased 72.2% year over year to 2.2 million lira, or 36 kurus per share, in the full year, from 1.3 million lira, or 21 kurus per share.

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