Pinar Süt Mamülleri Sanayii A.S. said its fourth-quarter normalized net income was 40 kurus per share, a decline of 15.9% from 48 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 18.1 million lira, a decline of 15.9% from 21.6 million lira in the year-earlier period.

The normalized profit margin dropped to 7.0% from 9.0% in the year-earlier period.

Total revenue increased 8.4% on an annual basis to 260.8 million lira from 240.6 million lira, and total operating expenses climbed 6.8% from the prior-year period to 244.3 million lira from 228.8 million lira.

Reported net income fell 25.7% from the prior-year period to 24.1 million lira, or 54 kurus per share, from 32.4 million lira, or 72 kurus per share.

For the year, the company's normalized net income totaled 95 kurus per share, a decline of 18.0% from 1.16 lira per share in the prior year.

Normalized net income was 42.9 million lira, a fall of 18.0% from 52.3 million lira in the prior year.

Full-year total revenue rose 7.5% on an annual basis to 1.01 billion lira from 940.5 million lira, and total operating expenses grew 7.9% year over year to 956.9 million lira from 887.2 million lira.

The company said reported net income fell 28.5% year over year to 62.2 million lira, or 1.38 lira per share, in the full year, from 87.1 million lira, or 1.94 lira per share.

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