Mepet Metro Petrol ve Tesisleri Sanayi Ticaret AS said its normalized net income for the fourth quarter came to 2 kurus per share, a decrease of 47.6% from 4 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 1.6 million lira, a decrease of 47.6% from 3.1 million lira in the prior-year period.

The normalized profit margin dropped to 3.1% from 6.2% in the year-earlier period.

Total revenue climbed on an annual basis to 51.8 million lira from 49.6 million lira, and total operating expenses climbed year over year to 50.2 million lira from 48.2 million lira.

Reported net income totaled a loss of 348,970 lira, or a loss of 0 kurus per share, compared to income of 2.4 million lira, or 3 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 5 kurus per share, a decline of 39.7% from 9 kurus per share in the prior year.

Normalized net income was 4.1 million lira, a decrease of 39.7% from 6.9 million lira in the prior year.

Full-year total revenue amounted to 227.2 million lira, compared with 229.3 million lira in the prior year, and total operating expenses came to 220.2 million lira, compared with 220.2 million lira in the prior-year period.

The company said reported net income fell 86.2% year over year to 973,700 lira, or 1 kurus per share, in the full year, from 7.1 million lira, or 9 kurus per share.

As of Feb. 26, US$1 was equivalent to 2.96 Turkish lira.