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Oylum Sinai Yatirimlar Q4 profit falls YOY

Oylum Sinai Yatirimlar AS said its fourth-quarter normalized net income was 3 kurus per share, a decrease from 3 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 266,930 lira, a decrease from 274,530 lira in the year-earlier period.

The normalized profit margin fell to 4.4% from 5.7% in the year-earlier period.

Total revenue climbed 25.3% year over year to 6.0 million lira from 4.8 million lira, and total operating expenses rose 45.4% from the prior-year period to 6.2 million lira from 4.3 million lira.

Reported net income decreased 61.3% year over year to 128,390 lira, or 1 kurus per share, from 331,970 lira, or 4 kurus per share.

For the year, the company's normalized net income totaled 380,600 lira, compared with income of 60,500 lira in the prior year.

Full-year total revenue grew 12.7% on an annual basis to 16.4 million lira from 14.6 million lira, and total operating expenses increased 18.3% on an annual basis to 16.9 million lira from 14.3 million lira.

The company said reported net income totaled a loss of 650,050 lira, or a loss of 7 kurus per share, in the full year, compared with income of 36,370 lira, or 0 kurus per share, the prior year.

As of Feb. 29, US$1 was equivalent to 2.95 Turkish lira.