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Aksa Akrilik Kimya Sanayii Q4 profit climbs 17.6% YOY

Aksa Akrilik Kimya Sanayii AS said its fourth-quarter normalized net income came to 27 kurus per share, a gain of 17.6% from 23 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 50.1 million lira, a gain of 17.6% from 42.6 million lira in the prior-year period.

The normalized profit margin increased to 10.6% from 7.6% in the year-earlier period.

Total revenue declined 15.7% year over year to 472.7 million lira from 560.5 million lira, and total operating expenses declined 19.9% on an annual basis to 400.2 million lira from 499.4 million lira.

Reported net income increased 18.0% on an annual basis to 64.9 million lira, or 35 kurus per share, from 55.0 million lira, or 30 kurus per share.

For the year, the company's normalized net income totaled 80 kurus per share, a gain of 14.4% from 70 kurus per share in the prior year.

Normalized net income was 148.6 million lira, an increase of 14.4% from 129.9 million lira in the prior year.

Full-year total revenue declined from the prior-year period to 2.03 billion lira from 2.11 billion lira, and total operating expenses decreased 7.4% year over year to 1.74 billion lira from 1.88 billion lira.

The company said reported net income increased 22.5% on an annual basis to 199.5 million lira, or 1.08 lira per share, in the full year, from 162.8 million lira, or 88 kurus per share.

As of Feb. 19, US$1 was equivalent to 2.96 Turkish lira.