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Bosch Fren Sistemleri swings to profit in Q4

Bosch Fren Sistemleri Sanayi ve Ticaret AS said its fourth-quarter normalized net income was 89 kurus per share, compared with a loss of 30 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 2.2 million lira, compared with a loss of 754,670 lira in the year-earlier period.

The normalized profit margin increased to 7.9% from negative 3.6% in the year-earlier period.

Total revenue grew 26.9% on an annual basis to 26.4 million lira from 20.8 million lira, and total operating expenses climbed 5.4% year over year to 22.5 million lira from 21.3 million lira.

Reported net income came to 3.7 million lira, or 1.46 lira per share, compared to a loss of 670,260 lira, or a loss of 27 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 3.52 lira per share, an increase of 64.4% from 2.14 lira per share in the prior year.

Normalized net income was 8.8 million lira, an increase of 64.4% from 5.4 million lira in the prior year.

Full-year total revenue grew 7.8% on an annual basis to 88.9 million lira from 82.4 million lira, and total operating expenses increased 7.1% year over year to 78.1 million lira from 73.0 million lira.

The company said reported net income grew 43.8% on an annual basis to 13.3 million lira, or 5.31 lira per share, in the full year, from 9.2 million lira, or 3.69 lira per share.

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