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Akin Tekstil Q4 loss narrows YOY

Akin Tekstil AS said its normalized net income for the fourth quarter was a loss of 156,780 lira, compared with a loss of 159,230 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 negative 0.4% from negative 0.5% in the year-earlier period.

Total revenue rose 24.2% on an annual basis to 41.4 million lira from 33.4 million lira, and total operating expenses rose 28.3% from the prior-year period to 42.6 million lira from 33.2 million lira.

Reported net income declined 48.0% year over year to 46.3 million lira, or 1.84 lira per share, from 89.2 million lira, or 3.54 lira per share.

For the year, the company's normalized net income totaled 12 kurus per share, a gain of 38.2% from 8 kurus per share in the prior year.

Normalized net income was 2.9 million lira, an increase of 38.2% from 2.1 million lira in the prior year.

Full-year total revenue rose 16.6% year over year to 149.3 million lira from 128.1 million lira, and total operating expenses grew 18.0% year over year to 144.0 million lira from 122.1 million lira.

The company said reported net income declined 17.5% on an annual basis to 77.0 million lira, or 3.05 lira per share, in the full year, from 93.3 million lira, or 3.70 lira per share.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.