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Kervansaray Yatirim Holding Q1 loss narrows YOY

Kervansaray Yatirim Holding AS said its first-quarter normalized net income amounted to a loss of 3.0 million lira, compared with a loss of 9.7 million lira in the year-earlier period.

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

The normalized profit margin climbed to negative 9.1% from negative 20.4% in the year-earlier period.

Total revenue declined 27.1% on an annual basis to 34.5 million lira from 47.4 million lira, and total operating expenses decreased 20.2% year over year to 40.2 million lira from 50.4 million lira.

Reported net income totaled a loss of 11.5 million lira, or a loss of 2 kurus per share, compared to a loss of 16.3 million lira, or a loss of 3 kurus per share, in the prior-year period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.