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Migros Ticaret profit misses consensus by 59.3% in Q1

Migros Ticaret AS said its normalized net income for the first quarter was 8 kurus per share, compared with the S&P Capital IQ consensus estimate of 19 kurus per share.

The per-share result swung to a profit from the prior-year loss of 17 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.9 million lira, compared with a loss of 30.1 million lira in the year-earlier period.

The normalized profit margin increased to 0.6% from negative 1.7% in the year-earlier period.

Total revenue grew 17.0% year over year to 2.07 billion lira from 1.77 billion lira, and total operating expenses increased 16.6% on an annual basis to 2.00 billion lira from 1.71 billion lira.

Reported net income came to 7.9 million lira, or 4 kurus per share, compared to a loss of 61.2 million lira, or a loss of 34 kurus per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 2.67 Turkish lira.