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Ege Endüstri ve Ticaret Q4 profit climbs 51.5% YOY

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Ege Endüstri ve Ticaret Q4 profit climbs 51.5% YOY

Ege Endüstri ve Ticaret AS said its fourth-quarter normalized net income was 4.42 Turkish lira per share, an increase of 51.5% from 2.92 lira per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.9 million lira, an increase of 51.5% from 9.2 million lira in the year-earlier period.

The normalized profit margin climbed to 15.7% from 15.0% in the year-earlier period.

Total revenue grew 43.3% on an annual basis to 87.8 million lira from 61.3 million lira, and total operating expenses rose 31.2% on an annual basis to 60.4 million lira from 46.1 million lira.

Reported net income rose 50.6% on an annual basis to 18.6 million lira, or 5.91 lira per share, from 12.4 million lira, or 3.92 lira per share.

For the year, the company's normalized net income totaled 23.13 lira per share, an increase of 78.4% from 12.96 lira per share in the prior year.

Normalized net income was 72.9 million lira, an increase of 78.4% from 40.8 million lira in the prior year.

Full-year total revenue grew 36.7% on an annual basis to 313.6 million lira from 229.4 million lira, and total operating expenses rose 28.6% on an annual basis to 216.4 million lira from 168.2 million lira.

The company said reported net income rose 79.9% on an annual basis to 102.0 million lira, or 32.38 lira per share, in the full year, from 56.7 million lira, or 18.00 lira per share.

As of March 8, US$1 was equivalent to 2.91 Turkish lira.