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Birlik Mensucat Q1 loss narrows YOY

Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its first-quarter normalized net income came to a loss of 126,910 lira, compared with a loss of 1.6 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 increased to negative 3.2% from negative 71.3% in the year-earlier period.

Total revenue grew 78.6% year over year to 3.9 million lira from 2.2 million lira, and total operating expenses increased 48.8% on an annual basis to 4.2 million lira from 2.8 million lira.

Reported net income totaled 1.2 million lira, or 7 kurus per share, compared to a loss of 2.2 million lira, or a loss of 13 kurus per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 2.94 Turkish lira.