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Ihlas Home Appliances Q1 profit falls YOY

Ihlas Ev Aletleri Imalat Sanayi ve Ticaret AS said its first-quarter normalized net income was 412,460 lira, a fall of 92.0% from 5.1 million 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 1.1% from 22.7% in the year-earlier period.

Total revenue decreased on an annual basis to 22.0 million lira from 22.6 million lira, and total operating expenses rose 7.2% year over year to 20.2 million lira from 18.8 million lira.

Reported net income fell 92.2% on an annual basis to 630,580 lira, or 0 kurus per share, from 8.1 million lira, or 4 kurus per share.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.