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Rodrigo Tekstil swings to profit in H2

Rodrigo Tekstil Sanayi ve Ticaret A.S. said its normalized net income for the second half amounted to 1 kurus per share, compared with a loss of 3 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 77,560 lira, compared with a loss of 188,520 lira in the year-earlier period.

Total revenue rose 15.5% on an annual basis to 4.9 million lira from 4.2 million lira, and total operating expenses increased 11.0% on an annual basis to 5.1 million lira from 4.6 million lira.

Reported net income totaled 116,900 lira, or 2 kurus per share, compared to a loss of 404,550 lira, or a loss of 6 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 33,570 lira, compared with a loss of -415,660 lira in the prior year.

Full-year total revenue grew 45.8% on an annual basis to 10.8 million lira from 7.4 million lira, and total operating expenses increased 35.8% year over year to 11.0 million lira from 8.1 million lira.

The company said reported net income totaled 122,570 lira, or 2 kurus per share, in the full year, compared with a loss of 743,930 lira, or a loss of 11 kurus per share, the prior year.

As of Feb. 22, US$1 was equivalent to 2.94 Turkish lira.