Yaprak Süt ve Besi Çiftlikleri Sanayi ve TAS said its first-quarter normalized net income was 3 kurus per share, a decline of 49.4% from 6 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 198,630 lira, a decline of 49.5% from 393,020 lira in the prior-year period.

The normalized profit margin dropped to 6.9% from 12.5% in the year-earlier period.

Total revenue decreased 8.6% on an annual basis to 2.9 million lira from 3.2 million lira, and total operating expenses totaled 2.5 million lira, compared with 2.5 million lira in the year-earlier period.

Reported net income declined on an annual basis to 507,610 lira, or 7 kurus per share, from 529,650 lira, or 7 kurus per share.

As of May 9, US$1 was equivalent to 2.94 Turkish lira.