Derimod Konfeksiyon Ayakkabi Deri Sanayi ve Ticaret AS said its normalized net income for the first quarter was 39 kurus per share, an increase of 61.2% from 24 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 2.2 million lira, an increase of 72.8% from 1.3 million lira in the year-earlier period.

The normalized profit margin rose to 3.2% from 2.9% in the year-earlier period.

Total revenue rose 58.4% on an annual basis to 69.4 million lira from 43.8 million lira, and total operating expenses grew 59.3% on an annual basis to 64.8 million lira from 40.7 million lira.

Reported net income grew 78.6% year over year to 2.8 million lira, or 50 kurus per share, from 1.6 million lira, or 30 kurus per share.

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