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Frigo-Pak Gida Maddeleri Q1 loss widens YOY

Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS said its normalized net income for the first quarter was a loss of 20 kurus per share, compared with a loss of 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 a loss of 1.0 million lira, compared with a loss of 135,440 lira in the prior-year period.

The normalized profit margin dropped to negative 16.4% from negative 2.1% in the year-earlier period.

Total revenue declined 5.1% on an annual basis to 6.2 million lira from 6.6 million lira, and total operating expenses climbed 9.9% year over year to 6.7 million lira from 6.1 million lira.

Reported net income came to a loss of 1.6 million lira, or a loss of 32 kurus per share, compared to a loss of 268,890 lira, or a loss of 5 kurus per share, in the prior-year period.

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