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Denizli Cam swings to loss in Q1

Denizli Cam Sanayii ve Ticaret AS said its normalized net income for the first quarter came to a loss of 10 kurus per share, compared with 6 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 614,240 lira, compared with income of 360,470 lira in the year-earlier period.

The normalized profit margin dropped to negative 3.5% from 2.2% in the year-earlier period.

Total revenue climbed on an annual basis to 17.3 million lira from 16.6 million lira, and total operating expenses increased 12.0% from the prior-year period to 18.2 million lira from 16.2 million lira.

Reported net income came to a loss of 840,060 lira, or a loss of 14 kurus per share, compared to income of 519,250 lira, or 9 kurus per share, in the year-earlier period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.