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AVOD Q1 loss widens YOY

AVOD Kurutulmus Gida ve Tarim Urunleri Sanayi TAS said its normalized net income for the first quarter amounted to a loss of 1.0 million lira, compared with a loss of 131,020 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 declined to negative 4.7% from negative 1.5% in the year-earlier period.

Total revenue grew on an annual basis to 22.0 million lira from 8.6 million lira, and total operating expenses grew on an annual basis to 20.3 million lira from 7.8 million lira.

Reported net income came to a loss of 1.6 million lira, or a loss of 5 kurus per share, compared to a loss of 156,970 lira, or a loss of 1 kurus per share, in the year-earlier period.

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