Merko Gida Sanayi ve Ticaret A.S. said its first-quarter normalized net income was a loss of 149,660 lira, compared with a loss of 490,830 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 rose to negative 1.0% from negative 6.0% in the year-earlier period.

Total revenue grew 73.0% on an annual basis to 14.3 million lira from 8.2 million lira, and total operating expenses rose 72.0% year over year to 14.9 million lira from 8.6 million lira.

Reported net income totaled a loss of 253,010 lira, or a loss of 1 kurus per share, compared to a loss of 802,900 lira, or a loss of 3 kurus per share, in the prior-year period.

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