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Pinar Milk Q1 profit climbs 13.0% YOY

Pinar Süt Mamülleri Sanayii AS said its first-quarter normalized net income came to 36 kurus per share, a gain of 13.0% from 32 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 16.3 million lira, a gain of 13.0% from 14.4 million lira in the year-earlier period.

The normalized profit margin rose to 6.8% from 6.4% in the year-earlier period.

Total revenue rose 7.0% on an annual basis to 239.4 million lira from 223.7 million lira, and total operating expenses increased 6.8% on an annual basis to 219.6 million lira from 205.7 million lira.

Reported net income increased 7.7% from the prior-year period to 23.3 million lira, or 52 kurus per share, from 21.6 million lira, or 48 kurus per share.

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