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Petrokent Turizm Q4 loss widens 7.1% YOY

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Petrokent Turizm Q4 loss widens 7.1% YOY

Petrokent Turizm AS said its normalized net income for the fourth quarter came to a loss of 2.48 Turkish lira per share, compared with a loss of 2.31 lira 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 2.6 million lira, compared with a loss of 2.4 million lira in the year-earlier period.

The normalized profit margin fell to negative 70.8% from negative 46.2% in the year-earlier period.

Total revenue decreased 29.1% year over year to 3.7 million lira from 5.2 million lira, and total operating expenses decreased 23.6% on an annual basis to 6.8 million lira from 8.8 million lira.

Reported net income came to a loss of 4.8 million lira, or a loss of 4.67 lira per share, compared to a loss of 2.8 million lira, or a loss of 2.70 lira per share, in the year-earlier period.

For the year, the company's normalized net income totaled 26 kurus per share, compared with a loss of 1.69 lira per share in the prior year.

Normalized net income was 268,170 lira, compared with a loss of 1.7 million lira in the prior year.

Full-year total revenue rose 7.0% year over year to 34.8 million lira from 32.6 million lira, and total operating expenses decreased on an annual basis to 32.9 million lira from 34.2 million lira.

The company said reported net income totaled 815,950 lira, or 79 kurus per share, in the full year, compared with a loss of 1.8 million lira, or a loss of 1.75 lira per share, the prior year.

As of Feb. 24, US$1 was equivalent to 2.95 Turkish lira.