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Yatas swings to profit in Q1

Yatas Yatak Ve Yorgan Sanayi Ticaret AS said its normalized net income for the first quarter was 2 kurus per share, compared with a loss of 2 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 939,300 lira, compared with a loss of 787,120 lira in the year-earlier period.

The normalized profit margin climbed to 1.6% from negative 1.6% in the year-earlier period.

Total revenue rose 20.2% on an annual basis to 61.0 million lira from 50.7 million lira, and total operating expenses grew 23.5% on an annual basis to 59.6 million lira from 48.3 million lira.

Reported net income came to 1.2 million lira, or 3 kurus per share, compared to a loss of 1.1 million 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.