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Banvit swings to loss in Q1

Banvit Bandirma Vitaminli Yem Sanayii AS said its normalized net income for the first quarter was a loss of 20.1 million lira, compared with income of 373,860 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 declined to negative 4.0% from 0.1% in the year-earlier period.

Total revenue grew 11.8% year over year to 503.1 million lira from 450.1 million lira, and total operating expenses increased 17.1% year over year to 500.2 million lira from 427.1 million lira.

Reported net income totaled a loss of 25.8 million lira, or a loss of 26 kurus per share, compared to income of 808,460 lira, or 1 kurus per share, in the year-earlier period.

As of May 19, US$1 was equivalent to 2.60 Turkish lira.