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Ulker Group profit misses consensus by 52.3% in Q1

Ülker Bisküvi Sanayi A.S. said its normalized net income for the first quarter was 11 kurus per share, compared with the S&P Capital IQ consensus estimate of 22 kurus per share.

EPS fell 19.3% year over year from 13 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.9 million lira, a decrease of 19.3% from 44.5 million lira in the prior-year period.

The normalized profit margin climbed to 7.2% from 5.6% in the year-earlier period.

Total revenue totaled 789.7 million lira, compared with 792.5 million lira in the year-earlier period, and total operating expenses fell on an annual basis to 698.1 million lira from 712.6 million lira.

Reported net income declined 28.4% on an annual basis to 36.8 million lira, or 11 kurus per share, from 51.3 million lira, or 15 kurus per share.

As of May 7, US$1 was equivalent to 2.69 Turkish lira.