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.