Metemtur Otelcilik ve Turizm Isletmeleri AS said its first-quarter normalized net income was 2 kurus per share, a decline of 97.9% from 83 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 317,060 lira, a decrease of 97.9% from 14.9 million lira in the prior-year period.

The normalized profit margin dropped to 29.3% from 42.2% in the year-earlier period.

Total revenue fell 96.9% on an annual basis to 1.1 million lira from 35.3 million lira, and total operating expenses decreased 85.3% year over year to 1.1 million lira from 7.5 million lira.

Reported net income declined 98.7% on an annual basis to 254,300 lira, or 1 kurus per share, from 19.9 million lira, or 1.10 lira per share.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.