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Parsan Makina Parçalari Sanayii Q1 profit falls YOY

Parsan Makina Parçalari Sanayii AS said its first-quarter normalized net income amounted to 1 kurus per share, a decline of 83.8% from 7 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 865,280 lira, a decline of 83.8% from 5.4 million lira in the prior-year period.

The normalized profit margin declined to 1.6% from 10.9% in the year-earlier period.

Total revenue grew 8.0% year over year to 53.0 million lira from 49.0 million lira, and total operating expenses climbed 20.5% from the prior-year period to 51.7 million lira from 42.9 million lira.

Reported net income fell 84.6% year over year to 1.2 million lira, or 2 kurus per share, from 7.8 million lira, or 10 kurus per share.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.