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Mish Dekorasyon Sanayi ve Ticaret swings to profit in Q1

Mish Dekorasyon Sanayi ve Ticaret AS said its normalized net income for the first quarter was 73 kurus per share, compared with a loss of 5 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 16.6 million lira, compared with a loss of 1.1 million lira in the year-earlier period.

The normalized profit margin climbed to 5,901.5% from negative 64.4% in the year-earlier period.

Total revenue decreased 83.5% year over year to 281,680 lira from 1.7 million lira.

Reported net income totaled 26.6 million lira, or 1.17 lira per share, compared to a loss of 1.7 million lira, or a loss of 8 kurus per share, in the prior-year period.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.