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Banvit Q4 loss narrows YOY

Banvit Bandirma Vitaminli Yem Sanayii Anonim Sirketi said its fourth-quarter normalized net income was a loss of 20 kurus per share, compared with a loss of 30 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 a loss of 19.9 million lira, compared with a loss of 29.7 million lira in the prior-year period.

The normalized profit margin rose to negative 4.4% from negative 6.9% in the year-earlier period.

Total revenue climbed year over year to 450.4 million lira from 431.9 million lira, and total operating expenses increased on an annual basis to 474.9 million lira from 463.9 million lira.

Reported net income totaled a loss of 47.4 million lira, or a loss of 47 kurus per share, compared to a loss of 39.1 million lira, or a loss of 39 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 60 kurus per share, compared with a loss of 15 kurus per share in the prior year.

Normalized net income was a loss of 60.3 million lira, compared with a loss of 15.0 million lira in the prior year.

Full-year total revenue increased year over year to 2.00 billion lira from 1.94 billion lira, and total operating expenses grew 5.6% on an annual basis to 2.00 billion lira from 1.89 billion lira.

The company said reported net income totaled a loss of 99.7 million lira, or a loss of 100 kurus per share, in the full year, compared with a loss of 20.6 million lira, or a loss of 21 kurus per share, the prior year.

As of March 8, US$1 was equivalent to 2.91 Turkish lira.