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Tat Gida Q1 profit climbs YOY

Tat Gida Sanayi Anonim Sirketi said its first-quarter normalized net income came to 10 kurus per share, an increase from 3 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 13.3 million lira, a gain from 5.4 million lira in the prior-year period.

The normalized profit margin rose to 5.9% from 2.9% in the year-earlier period.

Total revenue increased 20.8% on an annual basis to 224.5 million lira from 185.9 million lira, and total operating expenses grew 16.9% from the prior-year period to 199.5 million lira from 170.7 million lira.

Reported net income increased from the prior-year period to 16.6 million lira, or 12 kurus per share, from 6.6 million lira, or 3 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.