Merit Turizm Yatirim ve Isletme AS said its second-half normalized net income came to 42 kurus per share, a decline of 9.0% from 46 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 1.1 million lira, a decline of 9.0% from 1.2 million lira in the prior-year period.

Total revenue decreased on an annual basis to 3.7 million lira from 3.8 million lira, and total operating expenses increased from the prior-year period to 2.0 million lira from 1.9 million lira.

Reported net income declined 11.2% year over year to 1.3 million lira, or 52 kurus per share, from 1.5 million lira, or 59 kurus per share.

For the year, the company's normalized net income totaled 59 kurus per share, a decrease of 5.7% from 62 kurus per share in the prior year.

Normalized net income was 1.5 million lira, a decline of 5.7% from 1.6 million lira in the prior year.

Full-year total revenue rose 10.5% from the prior-year period to 5.9 million lira from 5.3 million lira, and total operating expenses increased 25.2% on an annual basis to 3.5 million lira from 2.8 million lira.

The company said reported net income fell 7.7% year over year to 1.8 million lira, or 72 kurus per share, in the full year, from 2.0 million lira, or 78 kurus per share.

As of Feb. 29, US$1 was equivalent to 2.95 Turkish lira.