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Coca-Cola Içecek Anonim Sirketi swings to loss in Q1

Coca-Cola Içecek Anonim Sirketi said its normalized net income for the first quarter amounted to a loss of 18 kurus per share, compared with the S&P Capital IQ consensus estimate of a loss of 60 kurus per share.

The per-share result swung to a loss from the prior-year profit of 9 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 46.0 million lira, compared with income of 22.8 million lira in the prior-year period.

The normalized profit margin declined to negative 3.8% from 2.0% in the year-earlier period.

Total revenue grew year over year to 1.20 billion lira from 1.15 billion lira, and total operating expenses rose from the prior-year period to 1.13 billion lira from 1.08 billion lira.

Reported net income totaled a loss of 90.7 million lira, or a loss of 36 kurus per share, compared to income of 21.6 million lira, or 8 kurus per share, in the prior-year period.

As of May 6, US$1 was equivalent to 2.70 Turkish lira.