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Vestel Elektronik swings to profit in Q1

Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi said its first-quarter normalized net income amounted to 21 kurus per share, compared with a loss of 14 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 69.9 million lira, compared with a loss of 47.4 million lira in the year-earlier period.

The normalized profit margin increased to 3.1% from negative 2.6% in the year-earlier period.

Total revenue grew 24.4% on an annual basis to 2.25 billion lira from 1.81 billion lira, and total operating expenses climbed 24.6% year over year to 2.08 billion lira from 1.67 billion lira.

Reported net income totaled 107.5 million lira, or 32 kurus per share, compared to a loss of 74.2 million lira, or a loss of 22 kurus per share, in the prior-year period.

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