Karsusan Karadeniz Su Ürünleri Sanayii AS said its normalized net income for the first quarter was a loss of 7 kurus per share, compared with a loss of 20 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 341,630 lira, compared with a loss of 990,700 lira in the year-earlier period.

The normalized profit margin rose to negative 43.6% from negative 292.7% in the year-earlier period.

Total revenue climbed on an annual basis to 783,940 lira from 338,500 lira, and total operating expenses decreased 60.9% on an annual basis to 782,530 lira from 2.0 million lira.

Reported net income totaled a loss of 341,950 lira, or a loss of 7 kurus per share, compared to a loss of 1.8 million lira, or a loss of 37 kurus per share, in the year-earlier period.

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