Türk Tuborg Bira ve Malt Sanayii A.S. said its fourth-quarter normalized net income amounted to 6 kurus per share, a decrease of 13.3% from 7 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 20.3 million lira, a decrease of 15.3% from 24.0 million lira in the prior-year period.

The normalized profit margin declined to 11.6% from 14.6% in the year-earlier period.

Total revenue grew 26.6% year over year to 208.2 million lira from 164.4 million lira, and total operating expenses climbed 47.5% from the prior-year period to 193.8 million lira from 131.4 million lira.

Reported net income fell 17.7% from the prior-year period to 24.5 million lira, or 8 kurus per share, from 29.8 million lira, or 9 kurus per share.

For the year, the company's normalized net income totaled 39 kurus per share, a gain of 33.9% from 29 kurus per share in the prior year.

Normalized net income was 126.3 million lira, a gain of 33.1% from 94.9 million lira in the prior year.

Full-year total revenue rose 26.7% year over year to 742.7 million lira from 586.2 million lira, and total operating expenses rose 27.8% year over year to 569.3 million lira from 445.5 million lira.

The company said reported net income grew 31.5% year over year to 157.8 million lira, or 49 kurus per share, in the full year, from 120.0 million lira, or 37 kurus per share.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.