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Pinar Water swings to loss in Q4

Pinar Su Sanayi ve Ticaret A.S. said its fourth-quarter normalized net income amounted to a loss of 30 kurus per share, compared with 35 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 a loss of 3.9 million lira, compared with income of 4.4 million lira in the prior-year period.

The normalized profit margin declined to negative 16.1% from 17.6% in the year-earlier period.

Total revenue increased year over year to 26.3 million lira from 25.1 million lira, and total operating expenses rose 20.1% from the prior-year period to 31.7 million lira from 26.4 million lira.

Reported net income came to a loss of 7.0 million lira, or a loss of 54 kurus per share, compared to income of 4.2 million lira, or 33 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 42 kurus per share, compared with 23 kurus per share in the prior year.

Normalized net income was a loss of 5.4 million lira, compared with income of 2.9 million lira in the prior year.

Full-year total revenue grew 9.3% on an annual basis to 144.5 million lira from 132.2 million lira, and total operating expenses increased 11.4% year over year to 150.3 million lira from 134.9 million lira.

The company said reported net income came to a loss of 9.0 million lira, or a loss of 70 kurus per share, in the full year, compared with income of 2.2 million lira, or 17 kurus per share, the prior year.

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