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Sönmez Pamuklu Sanayii AS Q1 profit climbs 9.6% YOY

Sönmez Pamuklu Sanayii AS said its first-quarter normalized net income amounted to 3 kurus per share, a gain of 9.6% from 3 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 2.8 million lira, a gain of 9.6% from 2.5 million lira in the prior-year period.

The normalized profit margin climbed to 39.7% from 31.4% in the year-earlier period.

Total revenue fell 13.4% year over year to 7.0 million lira from 8.0 million lira, and total operating expenses declined 8.5% on an annual basis to 5.4 million lira from 5.9 million lira.

Reported net income increased from the prior-year period to 3.7 million lira, or 5 kurus per share, from 3.5 million lira, or 4 kurus per share.

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