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AVOD swings to profit in Q1

AVOD Kurutulmus Gida ve Tarim Urunleri Sanayi TAS said its first-quarter normalized net income was 2 kurus per share, compared with a loss of 3 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 824,190 lira, compared with a loss of 1.0 million lira in the year-earlier period.

The normalized profit margin rose to 3.5% from negative 4.7% in the year-earlier period.

Total revenue grew 6.4% year over year to 23.4 million lira from 22.0 million lira, and total operating expenses climbed from the prior-year period to 21.1 million lira from 20.4 million lira.

Reported net income totaled 2.0 million lira, or 4 kurus per share, compared to a loss of 1.6 million lira, or a loss of 5 kurus per share, in the prior-year period.

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