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Kristal Kola swings to profit in Q4

Kristal Kola ve Mesrubat Sanayi Ticaret AS said its normalized net income for the fourth quarter came to 368,650 lira, compared with a loss of 259,720 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 rose to 3.4% from negative 2.8% in the year-earlier period.

Total revenue increased 13.4% on an annual basis to 10.7 million lira from 9.4 million lira, and total operating expenses fell on an annual basis to 10.0 million lira from 10.2 million lira.

Reported net income totaled 400,660 lira, or 1 kurus per share, compared to a loss of 393,930 lira, or a loss of 1 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.7 million lira, a rise from 343,460 lira in the prior year.

Full-year total revenue increased 33.6% on an annual basis to 82.0 million lira from 61.4 million lira, and total operating expenses increased 31.5% year over year to 80.5 million lira from 61.3 million lira.

The company said reported net income increased on an annual basis to 2.1 million lira, or 4 kurus per share, in the full year, from 363,280 lira, or 1 kurus per share.

As of Feb. 24, US$1 was equivalent to 2.95 Turkish lira.