Kervansaray Yatirim Holding AS said its fourth-quarter normalized net income came to a loss of 3.6 million lira, compared with a loss of 454,550 lira in the prior-year period.

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

The normalized profit margin declined to negative 13.4% from negative 1.0% in the year-earlier period.

Total revenue declined 42.6% on an annual basis to 27.1 million lira from 47.2 million lira, and total operating expenses fell 14.5% year over year to 57.5 million lira from 67.2 million lira.

Reported net income came to a loss of 11.8 million lira, or a loss of 2 kurus per share, compared to a loss of 13.0 million lira, or a loss of 2 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 35.0 million lira, compared with income of 2.8 million lira in the prior year.

Full-year total revenue fell 20.0% from the prior-year period to 183.0 million lira from 228.9 million lira, and total operating expenses fell 13.9% on an annual basis to 200.2 million lira from 232.4 million lira.

The company said reported net income totaled a loss of 61.2 million lira, or a loss of 10 kurus per share, in the full year, compared with a loss of 16.2 million lira, or a loss of 3 kurus per share, the prior year.

As of March 24, US$1 was equivalent to 2.88 Turkish lira.