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Marti Otel Isletmeleri fiscal-year loss narrows YOY

Marti Otel Isletmeleri AS said its normalized net income for the fiscal full year ended March 31 amounted to a loss of 26 kurus per share, compared with a loss of 29 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 22.6 million lira, compared with a loss of 24.9 million lira in the year-earlier period.

The normalized profit margin rose to negative 26.9% from negative 28.5% in the year-earlier period.

Total revenue fell year over year to 83.7 million lira from 87.3 million lira, and total operating expenses climbed 6.3% from the prior-year period to 95.5 million lira from 89.9 million lira.

Reported net income totaled a loss of 45.8 million lira, or a loss of 53 kurus per share, compared to a loss of 29.1 million lira, or a loss of 33 kurus per share, in the year-earlier period.

As of June 9, US$1 was equivalent to 2.90 Turkish lira.