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Derimod Konfeksiyon Ayakkabi Deri Q1 profit climbs 79.4% YOY

Derimod Konfeksiyon Ayakkabi Deri Sanayi ve Ticaret AS said its first-quarter normalized net income was 24 kurus per share, an increase of 79.8% from 13 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 1.3 million lira, a gain of 79.4% from 713,050 lira in the year-earlier period.

The normalized profit margin increased to 2.9% from 1.5% in the year-earlier period.

Total revenue fell 10.5% year over year to 43.8 million lira from 48.9 million lira, and total operating expenses declined 10.9% from the prior-year period to 40.7 million lira from 45.7 million lira.

Reported net income rose 66.1% year over year to 1.6 million lira, or 29 kurus per share, from 950,780 lira, or 18 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.