Tukas Gida Sanayi ve Ticaret AS said its normalized net income for the first quarter came to 725,880 lira, a decline of 26.7% from 990,410 lira in the prior-year period.

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

The normalized profit margin fell to 1.6% from 2.6% in the year-earlier period.

Total revenue grew 19.5% year over year to 46.2 million lira from 38.7 million lira, and total operating expenses rose 19.7% from the prior-year period to 40.4 million lira from 33.7 million lira.

Reported net income decreased 10.8% year over year to 1.7 million lira, or 1 kurus per share, from 1.9 million lira, or 1 kurus per share.

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