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Denizli Cam swings to profit in Q1

Denizli Cam Sanayii ve Ticaret AS said its normalized net income for the first quarter came to 360,470 lira, compared with a loss of 39,500 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.2% from negative 0.3% in the year-earlier period.

Total revenue rose 9.1% on an annual basis to 16.6 million lira from 15.2 million lira, and total operating expenses grew 7.6% on an annual basis to 16.2 million lira from 15.1 million lira.

Reported net income totaled 519,250 lira, or 9 kurus per share, compared to a loss of 184,190 lira, or a loss of 3 kurus per share, in the year-earlier period.

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