AVOD Kurutulmus Gida ve Tarim Urunleri Sanayi TAS said its normalized net income for the fourth quarter amounted to 681,510 lira, a rise from 234,730 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 2.7% from 0.7% in the year-earlier period.

Total revenue decreased 29.7% year over year to 25.1 million lira from 35.7 million lira, and total operating expenses declined 32.4% year over year to 23.7 million lira from 35.0 million lira.

Reported net income came to 1.4 million lira, or 5 kurus per share, compared to a loss of 126,710 lira, or a loss of 0 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 3 kurus per share, a gain from 2 kurus per share in the prior year.

Normalized net income was 966,790 lira, an increase of 86.1% from 519,630 lira in the prior year.

Full-year total revenue rose 10.7% on an annual basis to 91.5 million lira from 82.6 million lira, and total operating expenses rose on an annual basis to 80.6 million lira from 78.7 million lira.

The company said reported net income rose year over year to 1.7 million lira, or 6 kurus per share, in the full year, from 325,190 lira, or 1 kurus per share.

As of March 9, US$1 was equivalent to 2.89 Turkish lira.