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Karsu Tekstil Q1 loss narrows YOY

Karsu Tekstil Sanayii ve Ticaret AS said its normalized net income for the first quarter amounted to a loss of 2 kurus per share, compared with a loss of 4 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 614,670 lira, compared with a loss of 1.2 million lira in the year-earlier period.

The normalized profit margin climbed to negative 2.2% from negative 4.7% in the year-earlier period.

Total revenue climbed on an annual basis to 27.6 million lira from 26.5 million lira, and total operating expenses climbed 4.9% on an annual basis to 28.1 million lira from 26.7 million lira.

Reported net income totaled a loss of 1.2 million lira, or a loss of 3 kurus per share, compared to a loss of 1.5 million lira, or a loss of 4 kurus per share, in the prior-year period.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.