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Koc Holding profit misses consensus by 89.7% in Q1

Koç Holding AS said its first-quarter normalized net income amounted to 18.3 million lira, a decline of 70.2% from 61.2 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 0.1% from 0.4% in the year-earlier period.

Total revenue fell 12.3% year over year to 13.76 billion lira from 15.68 billion lira, and total operating expenses fell 12.8% from the prior-year period to 13.17 billion lira from 15.10 billion lira.

Reported net income decreased 18.3% on an annual basis to 459.2 million lira, or 18 kurus per share, from 562.1 million lira, or 22 kurus per share.

As of May 22, US$1 was equivalent to 2.60 Turkish lira.