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Bimeks Bilgi Islem Ve Dis Ticaret swings to profit in Q1

Bimeks Bilgi Islem Ve Dis Ticaret AS said its normalized net income for the first quarter amounted to 889,030 lira, compared with a loss of 2.3 million lira in the year-earlier period.

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

The normalized profit margin increased to 0.2% from negative 0.9% in the year-earlier period.

Total revenue rose 46.1% on an annual basis to 399.2 million lira from 273.2 million lira, and total operating expenses increased 46.3% year over year to 392.1 million lira from 267.9 million lira.

Reported net income came to 2.5 million lira, or 2 kurus per share, compared to a loss of 3.8 million lira, or a loss of 3 kurus per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.