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Ittifak Holding swings to loss in Q1

Ittifak Holding AS said its normalized net income for the first quarter amounted to a loss of 87,750 lira, compared with income of 1.1 million lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.7% from 0.5% in the year-earlier period.

Total revenue increased 78.4% on an annual basis to 415.6 million lira from 232.9 million lira, and total operating expenses grew 77.8% on an annual basis to 406.7 million lira from 228.7 million lira.

Reported net income rose 24.5% on an annual basis to 631,500 lira, or 1 kurus per share, from 507,240 lira, or 1 kurus per share.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.