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Merko Gida swings to loss in Q1

Merko Gida Sanayi ve Ticaret AS said its normalized net income for the first quarter came to a loss of 2 kurus per share, compared with 18 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 490,830 lira, compared with income of 4.8 million lira in the prior-year period.

The normalized profit margin declined to negative 6.0% from 16.3% in the year-earlier period.

Total revenue fell 71.8% year over year to 8.2 million lira from 29.2 million lira, and total operating expenses decreased 66.2% year over year to 8.6 million lira from 25.5 million lira.

Reported net income came to a loss of 802,900 lira, or a loss of 3 kurus per share, compared to income of 7.3 million lira, or 27 kurus per share, in the prior-year period.

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