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Coca-Cola Içecek Anonim Sirketi profit misses consensus by 49.2% in Q1

Coca-Cola Içecek Anonim Sirketi said its first-quarter normalized net income came to 15 kurus per share, compared with the S&P Capital IQ consensus estimate of 30 kurus per share.

The per-share result swung to a profit from the prior-year loss of 18 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 39.4 million lira, compared with a loss of 46.0 million lira in the prior-year period.

The normalized profit margin rose to 3.1% from negative 3.8% in the year-earlier period.

Total revenue increased 8.2% year over year to 1.30 billion lira from 1.20 billion lira, and total operating expenses grew 11.4% from the prior-year period to 1.25 billion lira from 1.13 billion lira.

Reported net income came to 29.4 million lira, or 12 kurus per share, compared to a loss of 90.7 million lira, or a loss of 36 kurus per share, in the year-earlier period.

As of May 3, US$1 was equivalent to 2.85 Turkish lira.