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Akin Tekstil Q1 profit falls YOY

Akin Tekstil AS said its first-quarter normalized net income came to 1 kurus per share, a decrease of 80.6% from 5 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 254,720 lira, a decline of 80.6% from 1.3 million lira in the prior-year period.

The normalized profit margin fell to 0.5% from 4.1% in the year-earlier period.

Total revenue increased 46.4% year over year to 47.1 million lira from 32.2 million lira, and total operating expenses increased 56.6% from the prior-year period to 46.6 million lira from 29.7 million lira.

Reported net income decreased 18.2% from the prior-year period to 1.8 million lira, or 7 kurus per share, from 2.2 million lira, or 9 kurus per share.

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