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Dogan Burda Dergi swings to loss in Q1

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S. said its first-quarter normalized net income amounted to a loss of 2 kurus per share, compared with 13 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 374,690 lira, compared with income of 2.6 million lira in the prior-year period.

The normalized profit margin declined to negative 1.5% from 10.7% in the year-earlier period.

Total revenue rose year over year to 24.7 million lira from 24.4 million lira, and total operating expenses increased 7.0% from the prior-year period to 25.0 million lira from 23.4 million lira.

Reported net income came to a loss of 696,770 lira, or a loss of 4 kurus per share, compared to income of 3.0 million lira, or 15 kurus per share, in the prior-year period.

As of April 29, US$1 was equivalent to 2.79 Turkish lira.