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Vestel Elektronik Q4 profit climbs YOY

Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi said its normalized net income for the fourth quarter came to 32 kurus per share, a gain from 2 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 106.8 million lira, an increase from 5.9 million lira in the year-earlier period.

The normalized profit margin rose to 3.6% from 0.3% in the year-earlier period.

Total revenue rose 31.9% year over year to 3.00 billion lira from 2.28 billion lira, and total operating expenses increased 28.6% on an annual basis to 2.88 billion lira from 2.24 billion lira.

Reported net income rose year over year to 140.9 million lira, or 42 kurus per share, from 18.8 million lira, or 6 kurus per share.

For the year, the company's normalized net income totaled 11 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 31 kurus.

EPS declined 48.3% from 22 kurus in the prior year.

Normalized net income was 37.4 million lira, a fall of 48.3% from 72.3 million lira in the prior year.

Full-year total revenue increased 19.1% year over year to 9.25 billion lira from 7.77 billion lira, and total operating expenses grew 17.4% on an annual basis to 8.67 billion lira from 7.38 billion lira.

The company said reported net income decreased 38.8% year over year to 59.6 million lira, or 18 kurus per share, in the full year, from 97.4 million lira, or 29 kurus per share.

As of Feb. 16, US$1 was equivalent to 2.97 Turkish lira.