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Arsan Tekstil Q1 profit climbs 95.1% YOY

Arsan Tekstil Ticaret ve Sanayi AS said its normalized net income for the first quarter amounted to 4 kurus per share, an increase of 97.1% from 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 3.5 million lira, a gain of 95.1% from 1.8 million lira in the year-earlier period.

The normalized profit margin climbed to 12.8% from 6.0% in the year-earlier period.

Total revenue declined 8.4% year over year to 27.1 million lira from 29.5 million lira, and total operating expenses declined 32.8% on an annual basis to 19.5 million lira from 29.0 million lira.

Reported net income grew 88.1% year over year to 5.2 million lira, or 6 kurus per share, from 2.8 million lira, or 3 kurus per share.

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