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Ulusoy Un swings to loss in Q1

Ulusoy Un Sanayi ve Ticaret AS said its first-quarter normalized net income was a loss of 623,090 lira, compared with income of 2.9 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.3% from 1.6% in the year-earlier period.

Total revenue climbed 5.2% year over year to 189.1 million lira from 179.8 million lira, and total operating expenses rose year over year to 179.1 million lira from 175.1 million lira.

Reported net income totaled a loss of 3.4 million lira, or a loss of 4 kurus per share, compared to income of 4.0 million lira, or 6 kurus per share, in the year-earlier period.

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