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Kütahya Porselen Sanayi Q1 profit falls YOY

Kütahya Porselen Sanayi AS said its normalized net income for the first quarter amounted to 11 kurus per share, a decrease of 85.8% from 75 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.3 million lira, a decline of 85.8% from 29.9 million lira in the prior-year period.

The normalized profit margin fell to 6.0% from 34.7% in the year-earlier period.

Total revenue fell 18.1% on an annual basis to 70.5 million lira from 86.1 million lira, and total operating expenses fell 16.6% from the prior-year period to 64.9 million lira from 77.8 million lira.

Reported net income decreased 87.4% year over year to 5.3 million lira, or 13 kurus per share, from 42.1 million lira, or 1.05 lira per share.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.