Yunsa Yunlu Sanayi ve Ticaret AS said its normalized net income for the fourth quarter came to a loss of 4 kurus per share, compared with a loss of 2 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 a loss of 1.2 million lira, compared with a loss of 571,640 lira in the year-earlier period.

The normalized profit margin fell to negative 2.9% from negative 0.8% in the year-earlier period.

Total revenue decreased 41.7% on an annual basis to 42.0 million lira from 72.1 million lira, and total operating expenses declined 43.1% on an annual basis to 40.5 million lira from 71.1 million lira.

Reported net income totaled a loss of 1.6 million lira, or a loss of 6 kurus per share, compared to a loss of 696,850 lira, or a loss of 2 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 11 kurus per share, a fall of 85.1% from 75 kurus per share in the prior year.

Normalized net income was 3.3 million lira, a fall of 85.1% from 21.9 million lira in the prior year.

Full-year total revenue fell 17.4% year over year to 263.7 million lira from 319.1 million lira, and total operating expenses fell 15.6% on an annual basis to 247.1 million lira from 292.9 million lira.

The company said reported net income fell 84.7% year over year to 4.9 million lira, or 17 kurus per share, in the full year, from 32.1 million lira, or 1.10 lira per share.

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