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Bossa swings to loss in Q1

Bossa Ticaret ve Sanayi Isletmeleri T. AS said its normalized net income for the first quarter was a loss of 5 kurus per share, compared with 8 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 a loss of 5.9 million lira, compared with income of 8.3 million lira in the year-earlier period.

The normalized profit margin dropped to negative 7.2% from 7.7% in the year-earlier period.

Total revenue decreased 24.6% on an annual basis to 81.8 million lira from 108.5 million lira, and total operating expenses declined 12.4% year over year to 83.0 million lira from 94.7 million lira.

Reported net income came to a loss of 8.5 million lira, or a loss of 8 kurus per share, compared to income of 10.7 million lira, or 10 kurus per share, in the prior-year period.

As of May 6, US$1 was equivalent to 2.70 Turkish lira.