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Diriteks Dirilis Tekstil swings to profit in Q4

Diriteks Dirilis Tekstil Sanayi ve TAS said its normalized net income for the fourth quarter was 2 kurus per share, compared with a loss of 10 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 137,470 lira, compared with a loss of 731,910 lira in the prior-year period.

The normalized profit margin increased to 12.1% from negative 41.6% in the year-earlier period.

Total revenue decreased 35.5% on an annual basis to 1.1 million lira from 1.8 million lira, and total operating expenses decreased 59.5% on an annual basis to 1.1 million lira from 2.7 million lira.

Reported net income totaled 805,050 lira, or 11 kurus per share, compared to a loss of 1.1 million lira, or a loss of 15 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 30 kurus per share, compared with a loss of 16 kurus per share in the prior year.

Normalized net income was a loss of 2.1 million lira, compared with a loss of 1.1 million lira in the prior year.

Full-year total revenue declined 47.2% from the prior-year period to 3.7 million lira from 7.0 million lira, and total operating expenses decreased 34.3% year over year to 5.0 million lira from 7.7 million lira.

The company said reported net income totaled a loss of 2.8 million lira, or a loss of 39 kurus per share, in the full year, compared with a loss of 1.6 million lira, or a loss of 23 kurus per share, the prior year.

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