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Flap Kongre Q1 profit climbs YOY

Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS said its normalized net income for the first quarter amounted to 2.1 million lira, an increase from 151,650 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 23.0% from 8.6% in the year-earlier period.

Total revenue increased year over year to 9.2 million lira from 1.8 million lira, and total operating expenses increased from the prior-year period to 6.5 million lira from 3.1 million lira.

Reported net income grew on an annual basis to 3.5 million lira, or 11 kurus per share, from 231,860 lira, or 1 kurus per share.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.