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Ihlas Home Appliances profit beats consensusin Q1

Ihlas Ev Aletleri Imalat Sanayi ve Ticaret AS said its normalized net income for the first quarter amounted to 5.1 million lira, a gain from 1.3 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 climbed to 22.7% from 4.7% in the year-earlier period.

Total revenue decreased 14.5% year over year to 22.6 million lira from 26.4 million lira, and total operating expenses fell 20.4% year over year to 18.8 million lira from 23.6 million lira.

Reported net income totaled 8.1 million lira, or 4 kurus per share, compared to a loss of 236,220 lira, or a loss of 0 kurus per share, in the year-earlier period.

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