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Lüks Kadife Ticaret ve Sanayi swings to loss in Q1

Lüks Kadife Ticaret ve Sanayi A.S. said its first-quarter normalized net income came to a loss of 10 kurus per share, compared with 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 a loss of 970,090 lira, compared with income of 469,650 lira in the year-earlier period.

The normalized profit margin dropped to negative 16.4% from 6.8% in the year-earlier period.

Total revenue declined 14.8% year over year to 5.9 million lira from 6.9 million lira, and total operating expenses grew 15.5% year over year to 7.2 million lira from 6.2 million lira.

Reported net income came to a loss of 1.5 million lira, or a loss of 15 kurus per share, compared to income of 446,100 lira, or 4 kurus per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 2.94 Turkish lira.