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Vakko Q4 profit climbs 47.8% YOY

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Vakko Q4 profit climbs 47.8% YOY

Vakko Tekstil Ve Hazir Giyim Sanayi Isletmeleri AS said its normalized net income for the fourth quarter came to 6 kurus per share, an increase of 47.8% from 4 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.0 million lira, a gain of 47.8% from 6.1 million lira in the prior-year period.

The normalized profit margin rose to 6.3% from 5.2% in the year-earlier period.

Total revenue grew 20.8% year over year to 141.4 million lira from 117.1 million lira, and total operating expenses grew 12.9% from the prior-year period to 118.8 million lira from 105.2 million lira.

Reported net income increased 52.6% on an annual basis to 11.3 million lira, or 7 kurus per share, from 7.4 million lira, or 5 kurus per share.

For the year, the company's normalized net income totaled 3 kurus per share, compared with a loss of 4 kurus per share in the prior year.

Normalized net income was 4.3 million lira, compared with a loss of 6.1 million lira in the prior year.

Full-year total revenue grew 17.6% year over year to 451.4 million lira from 383.8 million lira, and total operating expenses grew 13.1% on an annual basis to 424.9 million lira from 375.7 million lira.

The company said reported net income came to 4.7 million lira, or 3 kurus per share, in the full year, compared with a loss of 8.3 million lira, or a loss of 5 kurus per share, the prior year.

As of March 7, US$1 was equivalent to 2.92 Turkish lira.