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Sönmez Filament Q4 profit falls YOY

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi AS said its fourth-quarter normalized net income came to 552,180 lira, a fall of 5.3% from 583,310 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 48.3% from 63.6% in the year-earlier period.

Total revenue climbed 24.6% year over year to 1.1 million lira from 917,400 lira, and total operating expenses fell 11.8% from the prior-year period to 464,900 lira from 526,850 lira.

Reported net income grew 61.9% year over year to 1.7 million lira, or 3 kurus per share, from 1.0 million lira, or 2 kurus per share.

For the year, the company's normalized net income totaled 6 kurus per share, a fall of 15.9% from 7 kurus per share in the prior year.

Normalized net income was 3.3 million lira, a decline of 15.9% from 3.9 million lira in the prior year.

Full-year total revenue rose 17.3% year over year to 4.1 million lira from 3.5 million lira, and total operating expenses rose 80.0% year over year to 5.5 million lira from 3.1 million lira.

The company said reported net income declined 9.6% on an annual basis to 4.7 million lira, or 8 kurus per share, in the full year, from 5.2 million lira, or 9 kurus per share.

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