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Mepet Metro Petrol ve Tesisleri swings to profit in Q1

Mepet Metro Petrol ve Tesisleri Sanayi Ticaret A.S. said its first-quarter normalized net income amounted to 162,180 lira, compared with a loss of 1.6 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 increased to 0.3% from negative 4.0% in the year-earlier period.

Total revenue rose 20.5% year over year to 46.7 million lira from 38.8 million lira, and total operating expenses climbed 11.3% from the prior-year period to 46.1 million lira from 41.4 million lira.

Reported net income totaled 72,550 lira, or 0 kurus per share, compared to a loss of 2.4 million lira, or a loss of 3 kurus per share, in the year-earlier period.

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