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Silverline Endustri swings to profit in Q1

Silverline Endustri ve Ticaret AS said its first-quarter normalized net income was 4 kurus per share, compared with a loss of 1 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 1.3 million lira, compared with a loss of 321,900 lira in the prior-year period.

The normalized profit margin increased to 3.4% from negative 1.1% in the year-earlier period.

Total revenue rose 31.5% on an annual basis to 38.3 million lira from 29.1 million lira, and total operating expenses increased 22.9% year over year to 36.0 million lira from 29.3 million lira.

Reported net income came to 1.6 million lira, or 5 kurus per share, compared to a loss of 574,900 lira, or a loss of 2 kurus per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.