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Bisas Tekstil Q4 loss widens 27.2% YOY

Bisas Tekstil Sanayi ve Ticaret AS said its fourth-quarter normalized net income amounted to a loss of 4 kurus per share, compared with a loss of 3 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 a loss of 908,710 lira, compared with a loss of 714,510 lira in the prior-year period.

The normalized profit margin declined to negative 280.3% from negative 36.0% in the year-earlier period.

Total revenue rose on an annual basis to 4.0 million lira from 2.0 million lira, and total operating expenses climbed 66.8% year over year to 5.0 million lira from 3.0 million lira.

Reported net income came to a loss of 3.4 million lira, or a loss of 16 kurus per share, compared to a loss of 1.6 million lira, or a loss of 8 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 14 kurus per share, compared with a loss of 7 kurus per share in the prior year.

Normalized net income was a loss of 3.0 million lira, compared with a loss of 1.5 million lira in the prior year.

Full-year total revenue rose 18.4% on an annual basis to 12.1 million lira from 10.2 million lira, and total operating expenses increased 32.7% year over year to 16.2 million lira from 12.2 million lira.

The company said reported net income came to a loss of 6.2 million lira, or a loss of 29 kurus per share, in the full year, compared with a loss of 2.6 million lira, or a loss of 12 kurus per share, the prior year.

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