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Bilici Yatirim swings to loss in Q1

Bilici Yatirim Sanayi ve TAS said its normalized net income for the first quarter amounted to a loss of 2 kurus per share, compared with 6 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 a loss of 922,620 lira, compared with income of 2.7 million lira in the prior-year period.

The normalized profit margin fell to negative 4.8% from 14.2% in the year-earlier period.

Total revenue climbed on an annual basis to 19.4 million lira from 19.2 million lira, and total operating expenses rose 9.3% from the prior-year period to 16.1 million lira from 14.8 million lira.

Reported net income decreased 88.1% from the prior-year period to 473,350 lira, or 1 kurus per share, from 4.0 million lira, or 9 kurus per share.

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