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Anel TelekomŸnikasyon swings to loss in Q1

Anel Telekomünikasyon Elektronik Sistemleri Sanayi ve Ticaret A.S. said its normalized net income for the first quarter came to a loss of 170,190 lira, compared with income of 432,160 lira in the prior-year period.

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

Total revenue declined 92.8% on an annual basis to 5,500 lira from 76,620 lira, and total operating expenses grew year over year to 824,150 lira from 274,870 lira.

Reported net income totaled a loss of 276,500 lira, or a loss of 1 kurus per share, compared to income of 1.3 million lira, or 3 kurus per share, in the prior-year period.

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