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Sönmez Filament Q1 profit climbs 77.5% YOY

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi AS said its first-quarter normalized net income amounted to 2 kurus per share, a gain of 77.4% from 1 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 1.1 million lira, an increase of 77.5% from 618,230 lira in the year-earlier period.

The normalized profit margin rose to 114.0% from 69.1% in the year-earlier period.

Total revenue increased 7.6% year over year to 962,560 lira from 894,470 lira, and total operating expenses climbed on an annual basis to 3.0 million lira from 821,400 lira.

Reported net income increased 63.7% from the prior-year period to 1.5 million lira, or 3 kurus per share, from 934,560 lira, or 2 kurus per share.

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