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Diriteks Dirilis Tekstil Q1 loss widens YOY

Diriteks Dirilis Tekstil Sanayi ve TAS said its first-quarter normalized net income came to a loss of 7 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 528,780 lira, compared with a loss of 119,180 lira in the prior-year period.

The normalized profit margin fell to negative 46.7% from negative 5.3% in the year-earlier period.

Total revenue fell 47.4% on an annual basis to 1.2 million lira from 2.2 million lira, and total operating expenses declined 43.0% from the prior-year period to 1.1 million lira from 2.0 million lira.

Reported net income came to a loss of 880,810 lira, or a loss of 12 kurus per share, compared to a loss of 113,490 lira, or a loss of 2 kurus per share, in the year-earlier period.

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