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Ulker Group profit beats consensus by 98.7% in Q4

Ülker Bisküvi Sanayi A.S. said its fourth-quarter normalized net income amounted to 40 kurus per share, compared with the S&P Capital IQ consensus estimate of 20 kurus per share.

EPS increased year over year from 14 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 135.9 million lira, a gain from 48.4 million lira in the prior-year period.

The normalized profit margin increased to 15.7% from 6.3% in the year-earlier period.

Total revenue increased 12.0% year over year to 860.0 million lira from 768.0 million lira, and total operating expenses rose 8.9% from the prior-year period to 752.2 million lira from 691.1 million lira.

Reported net income grew 97.4% year over year to 111.5 million lira, or 33 kurus per share, from 56.5 million lira, or 17 kurus per share.

For the year, the company's normalized net income totaled 86 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 69 kurus.

EPS rose 70.3% from 51 kurus in the prior year.

Normalized net income was 295.3 million lira, a gain of 70.3% from 173.4 million lira in the prior year.

Full-year total revenue rose 6.4% on an annual basis to 3.08 billion lira from 2.89 billion lira, and total operating expenses grew on an annual basis to 2.70 billion lira from 2.61 billion lira.

The company said reported net income grew 22.9% on an annual basis to 260.3 million lira, or 76 kurus per share, in the full year, from 211.7 million lira, or 62 kurus per share.

As of March 2, US$1 was equivalent to 2.94 Turkish lira.