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Kordsa Global Q1 profit falls YOY

Kordsa Global Endüstriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS said its first-quarter normalized net income amounted to 4 kurus per share, a decrease of 70.5% from 12 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 7.0 million lira, a decrease of 70.6% from 23.7 million lira in the year-earlier period.

The normalized profit margin dropped to 1.9% from 5.4% in the year-earlier period.

Total revenue decreased 6.4% year over year to 411.0 million lira from 439.0 million lira, and total operating expenses decreased from the prior-year period to 382.4 million lira from 395.9 million lira.

Reported net income fell 67.5% from the prior-year period to 10.7 million lira, or 6 kurus per share, from 32.8 million lira, or 17 kurus per share.

As of May 8, US$1 was equivalent to 2.69 Turkish lira.