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Ulaslar Turizm swings to profit in Q1

Ulaslar Turizm Yatirimlari ve Dayanikli Tüketim Mallari Ticaret Pazarlama AS said its normalized net income for the first quarter amounted to 14 kurus per share, compared with a loss of 13 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 1.5 million lira, compared with a loss of 1.5 million lira in the year-earlier period.

The normalized profit margin was 27,416.0%.

Total revenue declined 7.7% on an annual basis to 5,630 lira from 6,100 lira.

Reported net income totaled 2.5 million lira, or 23 kurus per share, compared to a loss of 2.3 million lira, or a loss of 21 kurus per share, in the prior-year period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.