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Tukas Gida Sanayi ve Ticaret swings to profit in Q4

Tukas Gida Sanayi ve Ticaret AS said its normalized net income for the fourth quarter was 1.5 million lira, compared with a loss of 1.3 million 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 increased to 1.6% from negative 4.2% in the year-earlier period.

Total revenue decreased 22.7% year over year to 24.0 million lira from 31.1 million lira, and total operating expenses fell 22.8% on an annual basis to 24.5 million lira from 31.7 million lira.

Reported net income came to 1.2 million lira, or 0 kurus per share, compared to a loss of 2.4 million lira, or a loss of 0 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 kurus per share, compared with a loss of 10 kurus per share in the prior year.

Normalized net income was 6.1 million lira, compared with a loss of 26.7 million lira in the prior year.

Full-year total revenue grew 53.0% on an annual basis to 162.6 million lira from 106.2 million lira, and total operating expenses came to 142.6 million lira, compared with 142.9 million lira in the prior-year period.

The company said reported net income came to 38.0 million lira, or 14 kurus per share, in the full year, compared with a loss of 43.8 million lira, or a loss of 16 kurus per share, the prior year.

As of Feb. 25, US$1 was equivalent to 2.93 Turkish lira.