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Link Bilgisayar swings to loss in Q1

Link Bilgisayar Sistemleri Yazilimi ve Donanimi Sanayi ve Ticaret A.S. said its first-quarter normalized net income came to a loss of 5 kurus per share, compared with 5 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 a loss of 293,560 lira, compared with income of 297,870 lira in the year-earlier period.

The normalized profit margin declined to negative 19.7% from 23.6% in the year-earlier period.

Total revenue grew 18.1% on an annual basis to 1.5 million lira from 1.3 million lira, and total operating expenses grew 24.9% year over year to 2.0 million lira from 1.6 million lira.

Reported net income came to a loss of 393,260 lira, or a loss of 7 kurus per share, compared to income of 382,750 lira, or 7 kurus per share, in the prior-year period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.