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Kütahya Porselen Sanayi Q4 profit climbs 23.7% YOY

Kütahya Porselen Sanayi AS said its fourth-quarter normalized net income amounted to 13 kurus per share, a gain of 23.7% from 11 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 5.4 million lira, an increase of 23.7% from 4.4 million lira in the prior-year period.

The normalized profit margin rose to 7.7% from 7.1% in the year-earlier period.

Total revenue grew 13.6% year over year to 70.1 million lira from 61.7 million lira, and total operating expenses rose 17.2% year over year to 61.7 million lira from 52.6 million lira.

Reported net income increased year over year to 7.1 million lira, or 18 kurus per share, from 1.5 million lira, or 4 kurus per share.

For the year, the company's normalized net income totaled 49 kurus per share, a fall of 52.9% from 1.05 lira per share in the prior year.

Normalized net income was 19.7 million lira, a decrease of 52.9% from 41.9 million lira in the prior year.

Full-year total revenue decreased on an annual basis to 270.2 million lira from 284.1 million lira, and total operating expenses decreased on an annual basis to 243.9 million lira from 256.3 million lira.

The company said reported net income declined 52.5% on an annual basis to 25.5 million lira, or 64 kurus per share, in the full year, from 53.7 million lira, or 1.34 lira per share.

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