Ekiz Kimya Sanayi Ve Ticaret AS said its normalized net income for the first quarter came to 23 kurus per share, compared with a loss of 7 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 1.7 million lira, compared with a loss of 466,900 lira in the year-earlier period.

The normalized profit margin increased to 46.5% from negative 8.9% in the year-earlier period.

Total revenue declined 31.4% on an annual basis to 3.6 million lira from 5.3 million lira, and total operating expenses fell 37.7% from the prior-year period to 3.2 million lira from 5.1 million lira.

Reported net income came to 2.7 million lira, or 37 kurus per share, compared to a loss of 747,030 lira, or a loss of 10 kurus per share, in the prior-year period.

As of May 3, US$1 was equivalent to 2.85 Turkish lira.