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Flap Kongre swings to loss in Q3

Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS said its normalized net income for the third quarter was a loss of 600,650 lira, compared with income of 169,520 lira in the year-earlier period.

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

Total revenue fell 96.7% on an annual basis to 145,740 lira from 4.4 million lira, and total operating expenses fell 66.8% on an annual basis to 1.4 million lira from 4.1 million lira.

Reported net income came to a loss of 970,660 lira, or a loss of 3 kurus per share, compared to income of 236,690 lira, or 1 kurus per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.