Penguen Gida Sanayi AS said its third-quarter normalized net income was a loss of 223,660 lira, compared with a loss of 1.2 million 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 climbed to negative 0.5% from negative 3.3% in the year-earlier period.

Total revenue rose 16.5% on an annual basis to 41.1 million lira from 35.2 million lira, and total operating expenses rose 18.8% year over year to 38.0 million lira from 32.0 million lira.

Reported net income totaled a loss of 290,570 lira, or a loss of 1 kurus per share, compared to a loss of 1.7 million lira, or a loss of 3 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.