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Söktas Tekstil profit holds relatively steady YOY in Q1

Söktas Tekstil Sanayi Ve Ticaret AS said its first-quarter normalized net income amounted to a loss of 12 kurus per share, compared with a loss of 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 a loss of 3.9 million lira, compared with a loss of 3.9 million lira in the year-earlier period.

The normalized profit margin increased to negative 5.9% from negative 8.0% in the year-earlier period.

Total revenue grew 35.5% on an annual basis to 65.4 million lira from 48.3 million lira, and total operating expenses increased 31.0% year over year to 62.6 million lira from 47.8 million lira.

Reported net income totaled a loss of 5.5 million lira, or a loss of 17 kurus per share, compared to a loss of 3.7 million lira, or a loss of 12 kurus per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 2.94 Turkish lira.