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Karsan Otomotiv Q1 loss widens YOY

Karsan Otomotiv Sanayii ve Ticaret AS said its first-quarter normalized net income came to a loss of 3 kurus per share, compared with a loss of 2 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 a loss of 15.1 million lira, compared with a loss of 7.0 million lira in the year-earlier period.

The normalized profit margin declined to negative 15.3% from negative 7.3% in the year-earlier period.

Total revenue grew year over year to 99.0 million lira from 95.0 million lira, and total operating expenses climbed 9.6% year over year to 102.4 million lira from 93.4 million lira.

Reported net income came to a loss of 18.1 million lira, or a loss of 4 kurus per share, compared to a loss of 8.8 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.