Kütahya Porselen Sanayi AS said its normalized net income for the first quarter was 14 kurus per share, an increase of 38.5% from 10 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 5.9 million lira, a gain of 37.7% from 4.3 million lira in the prior-year period.

The normalized profit margin increased to 6.8% from 6.0% in the year-earlier period.

Total revenue climbed 23.0% year over year to 86.7 million lira from 70.5 million lira, and total operating expenses rose 24.1% year over year to 78.4 million lira from 63.2 million lira.

Reported net income rose 45.3% from the prior-year period to 7.7 million lira, or 19 kurus per share, from 5.3 million lira, or 13 kurus per share.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.