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Dagi Giyim Sanayi ve Ticaret swings to profit in Q1

Dagi Giyim Sanayi ve Ticaret AS said its normalized net income for the first quarter came to 2.1 million lira, compared with a loss of 225,090 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 climbed to 2.5% from negative 1.3% in the year-earlier period.

Total revenue grew 24.2% on an annual basis to 21.6 million lira from 17.4 million lira, and total operating expenses climbed 17.6% from the prior-year period to 18.4 million lira from 15.7 million lira.

Reported net income fell 92.4% on an annual basis to 268,350 lira, or 1 kurus per share, from 3.5 million lira, or 8 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.