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Sönmez Pamuklu Sanayii AS Q1 profit falls YOY

Sönmez Pamuklu Sanayii AS said its first-quarter normalized net income amounted to 2 kurus per share, a decrease of 28.8% from 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 2.0 million lira, a decline of 28.8% from 2.8 million lira in the prior-year period.

The normalized profit margin fell to 19.8% from 39.7% in the year-earlier period.

Total revenue climbed 43.2% on an annual basis to 10.0 million lira from 7.0 million lira, and total operating expenses grew 35.9% year over year to 7.3 million lira from 5.3 million lira.

Reported net income decreased 28.0% on an annual basis to 2.6 million lira, or 3 kurus per share, from 3.7 million lira, or 5 kurus per share.

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