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Sanko Pazarlama Q1 profit climbs 21.2% YOY

Sanko Pazarlama Ithalat Ihracat AS said its first-quarter normalized net income was 6 kurus per share, a gain of 21.2% from 5 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.1 million lira, an increase of 21.2% from 4.2 million lira in the prior-year period.

The normalized profit margin climbed to 2.8% from 2.1% in the year-earlier period.

Total revenue fell 10.1% on an annual basis to 184.7 million lira from 205.5 million lira, and total operating expenses decreased 10.9% on an annual basis to 187.6 million lira from 210.4 million lira.

Reported net income grew 21.5% from the prior-year period to 6.5 million lira, or 8 kurus per share, from 5.3 million lira, or 7 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.