Selçuk Gida Endüstri Ihracat Ithalat AS said its first-quarter normalized net income amounted to a loss of 88,810 lira, compared with a loss of 661,890 lira in the year-earlier period.

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

The normalized profit margin increased to negative 8.0% from negative 26.4% in the year-earlier period.

Total revenue declined 54.6% year over year to 1.1 million lira from 2.5 million lira, and total operating expenses declined 61.9% on an annual basis to 1.3 million lira from 3.5 million lira.

Reported net income totaled a loss of 144,120 lira, or a loss of 1 kurus per share, compared to a loss of 1.0 million lira, or a loss of 5 kurus per share, in the year-earlier period.

As of May 23, US$1 was equivalent to 2.99 Turkish lira.