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Marti Otel Isletmeleri swings to loss in fiscal Q2

Marti Otel Isletmeleri AS said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 5 kurus per share, compared with 3 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 a loss of 4.2 million lira, compared with income of 2.4 million lira in the year-earlier period.

The normalized profit margin dropped to 1.0% from 4.0% in the year-earlier period.

Total revenue declined 7.1% year over year to 56.2 million lira from 60.5 million lira, and total operating expenses climbed 10.4% from the prior-year period to 45.9 million lira from 41.6 million lira.

Reported net income came to a loss of 15.8 million lira, or a loss of 18 kurus per share, compared to income of 1.1 million lira, or 1 kurus per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 2.84 Turkish lira.