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Utopya Turizm Insaat swings to profit in Q4

Utopya Turizm Insaat Isletmecilik Ticaret AS said its fourth-quarter normalized net income came to 2 kurus per share, compared with a loss of 8 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 537,770 lira, compared with a loss of 2.0 million lira in the year-earlier period.

The normalized profit margin climbed to 16.0% from negative 36.2% in the year-earlier period.

Total revenue decreased 38.5% year over year to 3.4 million lira from 5.5 million lira, and total operating expenses declined 16.5% from the prior-year period to 5.7 million lira from 6.8 million lira.

Reported net income totaled 575,830 lira, or 2 kurus per share, compared to a loss of 4.2 million lira, or a loss of 17 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 58 kurus per share, compared with a loss of 4 kurus per share in the prior year.

Normalized net income was a loss of 14.6 million lira, compared with a loss of 953,470 lira in the prior year.

Full-year total revenue declined 9.8% on an annual basis to 37.6 million lira from 41.6 million lira, and total operating expenses increased on an annual basis to 38.6 million lira from 36.9 million lira.

The company said reported net income came to a loss of 23.6 million lira, or a loss of 94 kurus per share, in the full year, compared with a loss of 1.0 million lira, or a loss of 4 kurus per share, the prior year.

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