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Akin Tekstil Q1 profit falls YOY

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Akin Tekstil Q1 profit falls YOY

Akin Tekstil AS said its first-quarter normalized net income amounted to 5 kurus per share, a decline of 44.5% from 9 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million lira, a decrease of 44.5% from 2.4 million lira in the year-earlier period.

The normalized profit margin dropped to 4.1% from 6.8% in the year-earlier period.

Total revenue decreased 7.8% on an annual basis to 32.2 million lira from 34.9 million lira, and total operating expenses fell year over year to 29.7 million lira from 30.3 million lira.

Reported net income decreased 43.1% from the prior-year period to 2.2 million lira, or 9 kurus per share, from 3.8 million lira, or 15 kurus per share.

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