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Söktas Tekstil swings to loss in Q1

Söktas Tekstil Sanayi Ve Ticaret AS said its first-quarter normalized net income came to a loss of 12 kurus per share, compared with 7 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 3.9 million lira, compared with income of 2.3 million lira in the prior-year period.

The normalized profit margin declined to negative 8.0% from 4.0% in the year-earlier period.

Total revenue fell 16.8% on an annual basis to 48.3 million lira from 58.0 million lira, and total operating expenses decreased on an annual basis to 47.8 million lira from 48.7 million lira.

Reported net income totaled a loss of 3.7 million lira, or a loss of 12 kurus per share, compared to income of 4.4 million lira, or 14 kurus per share, in the prior-year period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.