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Tukas Gida Sanayi ve Ticaret swings to profit in Q1

Tukas Gida Sanayi ve Ticaret AS said its first-quarter normalized net income came to 1.2 million lira, compared with a loss of 6.6 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 2.6% from negative 25.8% in the year-earlier period.

Total revenue increased 51.4% year over year to 38.7 million lira from 25.6 million lira, and total operating expenses grew year over year to 33.4 million lira from 31.8 million lira.

Reported net income totaled 1.9 million lira, or 1 kurus per share, compared to a loss of 10.6 million lira, or a loss of 11 kurus per share, in the prior-year period.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.