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Federal-Mogul Q1 profit falls YOY

Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri AS said its normalized net income for the first quarter came to 14 kurus per share, a decline of 10.4% from 16 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.0 million lira, a decline of 10.4% from 2.2 million lira in the year-earlier period.

The normalized profit margin dropped to 15.3% from 16.8% in the year-earlier period.

Total revenue decreased on an annual basis to 13.0 million lira from 13.3 million lira, and total operating expenses declined year over year to 10.7 million lira from 11.0 million lira.

Reported net income decreased 12.7% on an annual basis to 2.6 million lira, or 18 kurus per share, from 3.0 million lira, or 21 kurus per share.

As of April 24, US$1 was equivalent to 2.72 Turkish lira.