Kipa Ticaret AS said its normalized net income for the fiscal first quarter ended May 25 came to a loss of 16 kurus per share, compared with a loss of 29 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 a loss of 66.1 million lira, compared with a loss of 50.7 million lira in the prior-year period.

The normalized profit margin declined to negative 12.8% from negative 10.6% in the year-earlier period.

Total revenue grew 6.0% on an annual basis to 508.7 million lira from 480.0 million lira, and total operating expenses increased 8.2% on an annual basis to 598.0 million lira from 552.5 million lira.

Reported net income totaled a loss of 105.7 million lira, or a loss of 26 kurus per share, compared to a loss of 80.4 million lira, or a loss of 46 kurus per share, in the prior-year period.

As of June 30, US$1 was equivalent to 2.12 Turkish lira.