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Kerevitas Q1 loss widens YOY

Kerevitas Gida Sanayi ve Ticaret AS said its normalized net income for the first quarter came to a loss of 6.70 Turkish lira per share, compared with a loss of 1.96 lira per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 25.1 million lira, compared with a loss of 7.4 million lira in the year-earlier period.

The normalized profit margin fell to negative 30.0% from negative 9.4% in the year-earlier period.

Total revenue grew 7.0% on an annual basis to 83.7 million lira from 78.2 million lira, and total operating expenses increased 10.7% from the prior-year period to 85.0 million lira from 76.7 million lira.

Reported net income totaled a loss of 32.1 million lira, or a loss of 8.57 lira per share, compared to a loss of 9.4 million lira, or a loss of 2.51 lira per share, in the year-earlier period.

As of May 5, US$1 was equivalent to 2.71 Turkish lira.