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Penguen Gida Sanayi swings to profit in Q1

Penguen Gida Sanayi AS said its first-quarter normalized net income was 872,010 lira, compared with a loss of 496,520 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 climbed to 4.0% from negative 3.4% in the year-earlier period.

Total revenue increased 49.5% year over year to 21.6 million lira from 14.5 million lira, and total operating expenses grew 28.0% on an annual basis to 19.2 million lira from 15.0 million lira.

Reported net income came to 659,070 lira, or 1 kurus per share, compared to a loss of 1.2 million lira, or a loss of 2 kurus per share, in the prior-year period.

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