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Mepet Metro Petrol ve Tesisleri swings to loss in Q1

Mepet Metro Petrol ve Tesisleri Sanayi Ticaret AS said its first-quarter normalized net income came to a loss of 1.6 million lira, compared with income of 410,400 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 4.0% from 0.8% in the year-earlier period.

Total revenue declined 20.9% year over year to 38.8 million lira from 49.0 million lira, and total operating expenses declined 13.6% from the prior-year period to 41.4 million lira from 47.9 million lira.

Reported net income came to a loss of 2.4 million lira, or a loss of 3 kurus per share, compared to income of 623,560 lira, or 1 kurus per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 2.72 Turkish lira.