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Kervansaray Yatirim Holding Q1 loss widens YOY

Kervansaray Yatirim Holding AS said its normalized net income for the first quarter amounted to a loss of 6.4 million lira, compared with a loss of 3.1 million lira in the prior-year period.

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

The normalized profit margin fell to negative 24.2% from negative 9.1% in the year-earlier period.

Total revenue fell 23.8% year over year to 26.3 million lira from 34.5 million lira, and total operating expenses fell 23.6% year over year to 30.7 million lira from 40.2 million lira.

Reported net income came to a loss of 7.8 million lira, or a loss of 1 kurus per share, compared to a loss of 11.5 million lira, or a loss of 2 kurus per share, in the prior-year period.

As of May 26, US$1 was equivalent to 2.94 Turkish lira.