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Bossa swings to profit in Q1

Bossa Ticaret ve Sanayi Isletmeleri T. AS said its first-quarter normalized net income was 3 kurus per share, compared with a loss of 5 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 3.0 million lira, compared with a loss of 5.9 million lira in the year-earlier period.

The normalized profit margin climbed to 3.0% from negative 7.2% in the year-earlier period.

Total revenue increased 20.9% on an annual basis to 98.9 million lira from 81.8 million lira, and total operating expenses increased 14.7% on an annual basis to 95.2 million lira from 83.0 million lira.

Reported net income totaled 3.4 million lira, or 3 kurus per share, compared to a loss of 8.5 million lira, or a loss of 8 kurus per share, in the year-earlier period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.