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Ege Endüstri ve Ticaret Q1 profit falls YOY

Ege Endüstri ve Ticaret A.S. said its normalized net income for the first quarter came to 4.66 Turkish lira per share, a decline of 16.0% from 5.55 lira per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.7 million lira, a decline of 16.0% from 17.5 million lira in the prior-year period.

The normalized profit margin dropped to 19.0% from 20.5% in the year-earlier period.

Total revenue fell 9.4% year over year to 77.3 million lira from 85.3 million lira, and total operating expenses decreased 19.0% on an annual basis to 52.2 million lira from 64.5 million lira.

Reported net income fell 16.6% year over year to 20.7 million lira, or 6.57 lira per share, from 24.8 million lira, or 7.88 lira per share.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.