Royal Hali Iplik Tekstil Mobilya Sanayi Ve Ticaret AS said its fourth-quarter normalized net income was 12 kurus per share, an increase of 54.3% from 8 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 7.4 million lira, an increase of 54.3% from 4.8 million lira in the year-earlier period.

The normalized profit margin increased to 8.6% from 6.4% in the year-earlier period.

Total revenue rose 15.4% on an annual basis to 86.0 million lira from 74.5 million lira, and total operating expenses climbed 11.3% on an annual basis to 78.5 million lira from 70.5 million lira.

Reported net income increased from the prior-year period to 8.7 million lira, or 14 kurus per share, from 8.6 million lira, or 14 kurus per share.

For the year, the company's normalized net income totaled 17 kurus per share, a decline of 37.5% from 27 kurus per share in the prior year.

Normalized net income was 10.2 million lira, a fall of 37.5% from 16.3 million lira in the prior year.

Full-year total revenue declined on an annual basis to 298.8 million lira from 312.0 million lira, and total operating expenses decreased 5.2% year over year to 271.5 million lira from 286.3 million lira.

The company said reported net income declined 48.8% on an annual basis to 13.6 million lira, or 23 kurus per share, in the full year, from 26.5 million lira, or 44 kurus per share.

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