Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri AS said its fourth-quarter normalized net income amounted to 8 kurus per share, a decline of 29.6% from 11 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million lira, a decline of 29.6% from 1.6 million lira in the year-earlier period.

The normalized profit margin fell to 7.9% from 13.4% in the year-earlier period.

Total revenue increased 19.2% on an annual basis to 14.4 million lira from 12.0 million lira, and total operating expenses rose 17.5% on an annual basis to 11.2 million lira from 9.6 million lira.

Reported net income fell 59.9% year over year to 841,930 lira, or 6 kurus per share, from 2.1 million lira, or 15 kurus per share.

For the year, the company's normalized net income totaled 80 kurus per share, an increase of 66.0% from 48 kurus per share in the prior year.

Normalized net income was 11.4 million lira, a gain of 66.0% from 6.9 million lira in the prior year.

Full-year total revenue increased 18.1% on an annual basis to 57.3 million lira from 48.5 million lira, and total operating expenses rose 13.6% on an annual basis to 44.1 million lira from 38.9 million lira.

The company said reported net income increased 71.0% year over year to 15.5 million lira, or 1.08 lira per share, in the full year, from 9.1 million lira, or 63 kurus per share.

As of Feb. 18, US$1 was equivalent to 2.96 Turkish lira.