Kipa Ticaret AS said its normalized net income for the fiscal first quarter ended May 31 amounted to a loss of 3 kurus per share, compared with a loss of 15 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 38.8 million lira, compared with a loss of 63.3 million lira in the year-earlier period.

The normalized profit margin climbed to negative 6.7% from negative 12.8% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to 525.1 million lira from 495.8 million lira, and total operating expenses totaled 577.4 million lira, compared with 581.3 million lira in the prior-year period.

Reported net income came to a loss of 65.4 million lira, or a loss of 5 kurus per share, compared to a loss of 101.3 million lira, or a loss of 24 kurus per share, in the prior-year period.

As of June 30, US$1 was equivalent to 2.68 Turkish lira.