Arsan Tekstil Ticaret ve Sanayi AS said its normalized net income for the first quarter amounted to 1 kurus per share, a decline of 74.8% from 4 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 875,070 lira, a decrease of 74.7% from 3.5 million lira in the year-earlier period.

The normalized profit margin fell to 2.5% from 12.8% in the year-earlier period.

Total revenue grew 28.3% year over year to 34.7 million lira from 27.1 million lira, and total operating expenses grew 58.1% on an annual basis to 30.8 million lira from 19.5 million lira.

Reported net income fell 68.5% on an annual basis to 1.6 million lira, or 2 kurus per share, from 5.2 million lira, or 6 kurus per share.

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