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Ersu swings to loss in Q1

Ersu Meyve ve Gida Sanayii AS said its first-quarter normalized net income amounted to 871,910 lira, compared with income of 12,380 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 declined to negative 37.2% from 0.3% in the year-earlier period.

Total revenue decreased 45.0% on an annual basis to 2.6 million lira from 4.6 million lira, and total operating expenses fell on an annual basis to 4.1 million lira from 4.2 million lira.

Reported net income totaled a loss of 1.3 million lira, compared with income of 17,630 lira, or 0 kurus per share, in the prior-year period.

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