Pinar Su Sanayi ve Ticaret A.S. said its first-quarter normalized net income amounted to a loss of 15 kurus per share, compared with a loss of 2 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 1.9 million lira, compared with a loss of 192,230 lira in the year-earlier period.

The normalized profit margin fell to negative 5.4% from negative 0.6% in the year-earlier period.

Total revenue increased 8.4% year over year to 35.1 million lira from 32.4 million lira, and total operating expenses grew 12.5% year over year to 36.6 million lira from 32.5 million lira.

Reported net income totaled 1.2 million lira, or 10 kurus per share, compared to a loss of 416,140 lira, or a loss of 3 kurus per share, in the prior-year period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.