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Kerevitas Q1 loss narrows YOY

Kerevitas Gida Sanayi ve Ticaret AS said its normalized net income for the first quarter was a loss of 1.23 Turkish lira per share, compared with a loss of 6.70 lira per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.2 million lira, compared with a loss of 25.1 million lira in the year-earlier period.

The normalized profit margin increased to negative 5.7% from negative 30.0% in the year-earlier period.

Total revenue increased 29.2% year over year to 108.2 million lira from 83.7 million lira, and total operating expenses rose 36.0% on an annual basis to 115.5 million lira from 85.0 million lira.

Reported net income came to a loss of 7.9 million lira, or a loss of 1.58 lira per share, compared to a loss of 32.1 million lira, or a loss of 8.57 lira per share, in the prior-year period.

As of May 3, US$1 was equivalent to 2.85 Turkish lira.