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Kerevitas swings to profit in Q4

Kerevitas Gida Sanayi ve Ticaret AS said its normalized net income for the fourth quarter was 95 kurus per share, compared with a loss of 29 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 5.9 million lira, compared with a loss of 1.1 million lira in the year-earlier period.

The normalized profit margin rose to 6.3% from negative 1.4% in the year-earlier period.

Total revenue rose 24.3% on an annual basis to 93.6 million lira from 75.3 million lira, and total operating expenses increased 20.5% on an annual basis to 92.2 million lira from 76.5 million lira.

Reported net income came to 4.1 million lira, or 66 kurus per share, compared to a loss of 1.6 million lira, or a loss of 43 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 14.28 lira per share, compared with a loss of 4.73 lira per share in the prior year.

Normalized net income was a loss of 62.6 million lira, compared with a loss of 17.7 million lira in the prior year.

Full-year total revenue grew 17.0% from the prior-year period to 382.8 million lira from 327.2 million lira, and total operating expenses increased 14.6% year over year to 369.4 million lira from 322.4 million lira.

The company said reported net income came to a loss of 85.2 million lira, or a loss of 19.44 lira per share, in the full year, compared with a loss of 22.8 million lira, or a loss of 6.10 lira per share, the prior year.

As of March 9, US$1 was equivalent to 2.89 Turkish lira.