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Isiklar Enerji ve Yapi Holding swings to loss in Q1

Isiklar Enerji ve Yapi Holding AS said its first-quarter normalized net income amounted to a loss of 4.5 million lira, compared with income of 68,760 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 9.7% from 1.2% in the year-earlier period.

Total revenue rose year over year to 43.6 million lira from 5.5 million lira, and total operating expenses grew year over year to 50.1 million lira from 6.7 million lira.

Reported net income came to a loss of 6.6 million lira, or a loss of 2 kurus per share, compared to a loss of 412,780 lira, or a loss of 0 kurus per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.