CarrefourSA Carrefour Sabanci Ticaret Merkezi A.S. said its normalized net income for the fourth quarter was a loss of 2.4 million lira, compared with a loss of 58.4 million lira in the year-earlier period.

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

The normalized profit margin increased to negative 0.1% from negative 4.9% in the year-earlier period.

Total revenue declined 6.4% on an annual basis to 1.11 billion lira from 1.18 billion lira, and total operating expenses decreased 8.7% year over year to 1.12 billion lira from 1.22 billion lira.

Reported net income came to a loss of 1.4 million lira, or a loss of 0 kurus per share, compared to a loss of 92.8 million lira, or a loss of 13 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 41 kurus per share, compared with a loss of 2 kurus per share in the prior year.

Normalized net income was a loss of 288.8 million lira, compared with a loss of 13.4 million lira in the prior year.

Full-year total revenue increased 14.2% from the prior-year period to 4.49 billion lira from 3.93 billion lira, and total operating expenses rose 21.1% on an annual basis to 4.81 billion lira from 3.97 billion lira.

The company said reported net income totaled a loss of 432.2 million lira, or a loss of 62 kurus per share, in the full year, compared with a loss of 31.7 million lira, or a loss of 5 kurus per share, the prior year.

As of Feb. 17, US$1 was equivalent to 3.63 Turkish lira.