Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its normalized net income for the fourth quarter was a loss of 4,470 lira, compared with a loss of 575,800 lira in the prior-year period.

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

The normalized profit margin climbed to negative 0.2% from negative 27.0% in the year-earlier period.

Total revenue increased 14.4% year over year to 2.4 million lira from 2.1 million lira, and total operating expenses grew 10.1% year over year to 3.0 million lira from 2.7 million lira.

Reported net income came to a loss of 408,970 lira, or a loss of 2 kurus per share, compared to a loss of 1.2 million lira, or a loss of 8 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 25 kurus per share, compared with a loss of 10 kurus per share in the prior year.

Normalized net income was a loss of 4.2 million lira, compared with a loss of 1.6 million lira in the prior year.

Full-year total revenue decreased year over year to 11.9 million lira from 12.2 million lira, and total operating expenses increased on an annual basis to 13.9 million lira from 13.3 million lira.

The company said reported net income came to a loss of 6.6 million lira, or a loss of 40 kurus per share, in the full year, compared with a loss of 2.2 million lira, or a loss of 13 kurus per share, the prior year.

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