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Dardanel Onentas Gida Sanayi swings to profit in Q1

Dardanel Onentas Gida Sanayi AS said its first-quarter normalized net income came to 10 kurus per share, compared with a loss of 22 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.2 million lira, compared with a loss of 7.6 million lira in the year-earlier period.

The normalized profit margin rose to 1.1% from negative 12.2% in the year-earlier period.

Total revenue increased 15.6% on an annual basis to 72.1 million lira from 62.4 million lira, and total operating expenses increased 5.7% on an annual basis to 59.8 million lira from 56.6 million lira.

Reported net income totaled 8.3 million lira, or 16 kurus per share, compared to a loss of 12.2 million lira, or a loss of 35 kurus per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.