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Pinar Water Q1 loss narrows YOY

Pinar Su Sanayi ve Ticaret AS said its normalized net income for the first quarter was a loss of 2 kurus per share, compared with a loss of 10 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 192,230 lira, compared with a loss of 1.3 million lira in the prior-year period.

The normalized profit margin rose to negative 0.6% from negative 4.5% in the year-earlier period.

Total revenue climbed 10.8% year over year to 32.4 million lira from 29.2 million lira, and total operating expenses climbed on an annual basis to 32.5 million lira from 31.4 million lira.

Reported net income totaled a loss of 416,140 lira, or a loss of 3 kurus per share, compared to a loss of 2.6 million lira, or a loss of 20 kurus per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.