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Vestel Elektronik swings to loss in Q1

Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi said its normalized net income for the first quarter came to a loss of 14 kurus per share, compared with 12 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 a loss of 47.4 million lira, compared with income of 38.8 million lira in the prior-year period.

The normalized profit margin fell to negative 2.6% from 2.3% in the year-earlier period.

Total revenue climbed 6.5% year over year to 1.81 billion lira from 1.70 billion lira, and total operating expenses grew 6.8% year over year to 1.67 billion lira from 1.57 billion lira.

Reported net income came to a loss of 74.2 million lira, or a loss of 22 kurus per share, compared to income of 48.8 million lira, or 15 kurus per share, in the prior-year period.

As of May 13, US$1 was equivalent to 2.63 Turkish lira.