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Iz Hayvancilik Tarim H2 profit climbs YOY

Iz Hayvancilik Tarim ve Gida Sanayi Ticaret AS said its second-half normalized net income amounted to 6 kurus per share, an increase from 3 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 478,560 lira, a gain from 95,950 lira in the year-earlier period.

Total revenue rose 59.9% year over year to 6.1 million lira from 3.8 million lira, and total operating expenses rose 41.0% on an annual basis to 4.8 million lira from 3.4 million lira.

Reported net income came to a loss of 199,900 lira, or a loss of 3 kurus per share, compared to income of 61,570 lira, or 2 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 6 kurus per share, an increase from 3 kurus per share in the prior year.

Normalized net income was 452,170 lira, a gain from 124,340 lira in the prior year.

Full-year total revenue increased 22.4% year over year to 10.5 million lira from 8.6 million lira, and total operating expenses increased 14.9% on an annual basis to 9.1 million lira from 7.9 million lira.

The company said reported net income totaled 14,210 lira, or 0 kurus per share, in the full year, compared with a loss of 18,730 lira, or a loss of 0 kurus per share, the prior year.

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