Pinar Entegre Et ve Un Sanayii AS said its normalized net income for the first quarter was 23 kurus per share, a gain of 45.6% from 16 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 9.9 million lira, a gain of 45.6% from 6.8 million lira in the prior-year period.
The normalized profit margin increased to 7.2% from 5.2% in the year-earlier period.
Total revenue increased 6.3% on an annual basis to 138.1 million lira from 129.9 million lira, and total operating expenses rose year over year to 126.7 million lira from 122.2 million lira.
Reported net income grew 54.5% year over year to 13.9 million lira, or 32 kurus per share, from 9.0 million lira, or 21 kurus per share.
As of April 30, US$1 was equivalent to 2.68 Turkish lira.
