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Ekiz Kimya Sanayi Ve Ticaret swings to profit in Q1

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.