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Konfrut Gida Sanayi ve Ticaret Q1 profit falls YOY

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Konfrut Gida Sanayi ve Ticaret Q1 profit falls YOY

Konfrut Gida Sanayi ve Ticaret AS said its first-quarter normalized net income was 22 kurus per share, a decline of 61.4% from 56 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 1.4 million lira, a decline of 61.4% from 3.7 million lira in the year-earlier period.

The normalized profit margin dropped to 8.2% from 16.5% in the year-earlier period.

Total revenue declined 23.0% on an annual basis to 17.4 million lira from 22.6 million lira, and total operating expenses fell 5.9% on an annual basis to 15.3 million lira from 16.2 million lira.

Reported net income decreased 61.0% year over year to 1.9 million lira, or 28 kurus per share, from 4.8 million lira, or 72 kurus per share.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.