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Hateks Q1 loss narrows YOY

Hateks Hatay Tekstil Isletmeleri AS said its first-quarter normalized net income was a loss of 22,830 lira, compared with a loss of 274,730 lira in the prior-year period.

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

The normalized profit margin rose to negative 0.1% from negative 1.3% in the year-earlier period.

Total revenue totaled 21.0 million lira, compared with 21.0 million lira in the prior-year period, and total operating expenses fell on an annual basis to 20.4 million lira from 21.3 million lira.

Reported net income totaled a loss of 489,240 lira, or a loss of 2 kurus per share, compared to a loss of 363,690 lira, or a loss of 2 kurus per share, in the prior-year period.

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