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Konfrut Gida Sanayi ve Ticaret Q1 profit falls YOY

Konfrut Gida Sanayi ve Ticaret AS said its first-quarter normalized net income was 20 kurus per share, a decline of 10.3% from 22 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 1.3 million lira, a decline of 10.3% from 1.4 million lira in the year-earlier period.

The normalized profit margin climbed to 11.2% from 8.2% in the year-earlier period.

Total revenue decreased 34.1% year over year to 11.5 million lira from 17.4 million lira, and total operating expenses fell 37.9% from the prior-year period to 9.5 million lira from 15.3 million lira.

Reported net income grew on an annual basis to 4.0 million lira, or 61 kurus per share, from 1.9 million lira, or 28 kurus per share.

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