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Ekiz Kimya Sanayi Ve Ticaret swings to profit in Q4

Ekiz Kimya Sanayi Ve Ticaret AS said its normalized net income for the fourth quarter was 5 kurus per share, compared with a loss of 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 387,670 lira, compared with a loss of 396,880 lira in the year-earlier period.

The normalized profit margin rose to 14.0% from negative 6.9% in the year-earlier period.

Total revenue fell 51.4% on an annual basis to 2.8 million lira from 5.7 million lira, and total operating expenses fell 47.7% year over year to 2.9 million lira from 5.6 million lira.

Reported net income came to 474,720 lira, or 7 kurus per share, compared to a loss of 635,020 lira, or a loss of 9 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 38 kurus per share, compared with a loss of 3 kurus per share in the prior year.

Normalized net income was a loss of 2.7 million lira, compared with a loss of 251,150 lira in the prior year.

Full-year total revenue decreased 47.4% year over year to 11.5 million lira from 21.8 million lira, and total operating expenses decreased 44.4% year over year to 12.0 million lira from 21.6 million lira.

The company said reported net income totaled a loss of 4.5 million lira, or a loss of 63 kurus per share, in the full year, compared with a loss of 401,840 lira, or a loss of 6 kurus per share, the prior year.

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