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Hateks Q4 profit climbs YOY

Hateks Hatay Tekstil Isletmeleri AS said its normalized net income for the fourth quarter was 5 kurus per share, an increase from 1 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 1.2 million lira, an increase from 221,970 lira in the prior-year period.

The normalized profit margin increased to 4.4% from 0.9% in the year-earlier period.

Total revenue climbed 22.0% on an annual basis to 31.2 million lira from 25.6 million lira, and total operating expenses increased 13.2% on an annual basis to 27.9 million lira from 24.6 million lira.

Reported net income came to 1.3 million lira, or 6 kurus per share, compared to a loss of 244,090 lira, or a loss of 1 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 11 kurus per share, a decline of 10.0% from 12 kurus per share in the prior year.

Normalized net income was 2.2 million lira, a fall of 10.0% from 2.5 million lira in the prior year.

Full-year total revenue increased 5.1% on an annual basis to 105.3 million lira from 100.2 million lira, and total operating expenses rose 7.9% year over year to 101.6 million lira from 94.1 million lira.

The company said reported net income fell 22.0% year over year to 2.2 million lira, or 10 kurus per share, in the full year, from 2.8 million lira, or 13 kurus per share.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.