Selçuk Gida Endüstri Ihracat Ithalat AS said its normalized net income for the fourth quarter was 4 kurus per share, a gain from 2 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 881,910 lira, a gain from 395,140 lira in the year-earlier period.

The normalized profit margin increased to 19.6% from 7.1% in the year-earlier period.

Total revenue declined 14.8% on an annual basis to 4.8 million lira from 5.6 million lira, and total operating expenses fell 29.3% from the prior-year period to 3.6 million lira from 5.1 million lira.

Reported net income increased year over year to 1.4 million lira, or 6 kurus per share, from 610,910 lira, or 3 kurus per share.

For the year, the company's normalized net income totaled 664,370 lira, a gain from 89,650 lira in the prior year.

Full-year total revenue declined 31.2% from the prior-year period to 9.7 million lira from 14.1 million lira, and total operating expenses decreased 27.5% year over year to 10.4 million lira from 14.4 million lira.

The company said reported net income totaled 953,320 lira, or 4 kurus per share, in the full year, compared with a loss of 89,870 lira, or a loss of 0 kurus per share, the prior year.

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