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Goodyear Lastikleri Türk swings to profit in Q4

Goodyear Lastikleri Türk AS said its fourth-quarter normalized net income amounted to 2.1 million lira, compared with a loss of 4.4 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.1% from negative 1.7% in the year-earlier period.

Total revenue rose 32.2% on an annual basis to 336.3 million lira from 254.4 million lira, and total operating expenses grew 30.9% on an annual basis to 345.1 million lira from 263.6 million lira.

Reported net income totaled 1.8 million lira, or 1 kurus per share, compared to a loss of 5.6 million lira, or a loss of 2 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 22 kurus per share, a gain of 55.6% from 14 kurus per share in the prior year.

Normalized net income was 59.4 million lira, an increase of 55.6% from 38.2 million lira in the prior year.

Full-year total revenue increased 12.9% from the prior-year period to 1.29 billion lira from 1.14 billion lira, and total operating expenses rose 11.9% year over year to 1.21 billion lira from 1.08 billion lira.

The company said reported net income increased 53.1% year over year to 72.4 million lira, or 27 kurus per share, in the full year, from 47.3 million lira, or 18 kurus per share.

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