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Ersu Q4 loss narrows YOY

Ersu Meyve ve Gida Sanayii AS said its normalized net income for the fourth quarter came to 44,200 lira, compared with a loss of 125,930 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 0.5% from negative 2.6% in the year-earlier period.

Total revenue grew 83.7% on an annual basis to 8.9 million lira from 4.9 million lira, and total operating expenses rose 80.0% from the prior-year period to 9.1 million lira from 5.0 million lira.

Reported net income came to a loss of 908,390 lira, compared with a loss of 259,470 lira, or a loss of 1 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 347,120 lira, compared with a loss of -597,630 lira in the prior year.

Full-year total revenue fell 19.4% on an annual basis to 17.5 million lira from 21.8 million lira, and total operating expenses decreased 24.7% on an annual basis to 17.0 million lira from 22.6 million lira.

The company said reported net income came to a loss of 1.0 million lira in the full year, compared with a loss of 1.0 million lira, or a loss of 3 kurus per share, in the prior year.

As of Feb. 26, US$1 was equivalent to 2.96 Turkish lira.