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Sanko Pazarlama Q4 profit climbs 17.5% YOY

Sanko Pazarlama Ithalat Ihracat AS said its fourth-quarter normalized net income came to 3 kurus per share, a gain of 17.5% 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 2.8 million lira, an increase of 17.5% from 2.4 million lira in the prior-year period.

The normalized profit margin fell to 1.2% from 1.3% in the year-earlier period.

Total revenue climbed 25.0% year over year to 222.6 million lira from 178.1 million lira, and total operating expenses rose 24.0% on an annual basis to 219.6 million lira from 177.0 million lira.

Reported net income grew 17.5% from the prior-year period to 3.4 million lira, or 4 kurus per share, from 2.9 million lira, or 4 kurus per share.

For the year, the company's normalized net income totaled 23 kurus per share, an increase of 52.0% from 15 kurus per share in the prior year.

Normalized net income was 18.1 million lira, a rise of 52.0% from 11.9 million lira in the prior year.

Full-year total revenue rose 9.5% on an annual basis to 828.5 million lira from 756.7 million lira, and total operating expenses rose 9.3% on an annual basis to 820.8 million lira from 751.1 million lira.

The company said reported net income rose 53.1% on an annual basis to 22.8 million lira, or 29 kurus per share, in the full year, from 14.9 million lira, or 19 kurus per share.

As of Feb. 26, US$1 was equivalent to 2.96 Turkish lira.