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Birlik Mensucat Q1 loss widens YOY

Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its normalized net income for the first quarter came to a loss of 10 kurus per share, compared with a loss of 2 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 a loss of 1.6 million lira, compared with a loss of 248,100 lira in the year-earlier period.

The normalized profit margin dropped to negative 71.3% from negative 7.1% in the year-earlier period.

Total revenue fell 37.0% year over year to 2.2 million lira from 3.5 million lira, and total operating expenses decreased 18.1% from the prior-year period to 2.8 million lira from 3.4 million lira.

Reported net income came to a loss of 2.1 million lira, or a loss of 13 kurus per share, compared to income of 179,680 lira, or 1 kurus per share, in the prior-year period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.