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Brisa Bridgestone Sabanci Lastik profit misses consensus by 58.9% in Q1

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret AS said its first-quarter normalized net income came to 5 kurus per share, compared with the S&P Capital IQ consensus estimate of 12 kurus per share.

EPS fell 55.1% year over year from 11 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.1 million lira, a decline of 54.1% from 37.3 million lira in the year-earlier period.

The normalized profit margin declined to 4.4% from 9.6% in the year-earlier period.

Total revenue came to 389.0 million lira, compared with 388.0 million lira in the year-earlier period, and total operating expenses increased 8.4% year over year to 347.1 million lira from 320.3 million lira.

Reported net income declined 43.3% from the prior-year period to 28.1 million lira, or 8 kurus per share, from 49.6 million lira, or 15 kurus per share.

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