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Galatasaray Sportif fiscal Q3 loss narrows YOY

Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S. said its normalized net income for the fiscal third quarter ended Feb. 29 came to a loss of 11 kurus per share, compared with a loss of 1.26 lira 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 2.4 million lira, compared with a loss of 25.0 million lira in the prior-year period.

The normalized profit margin rose to negative 1.5% from negative 18.0% in the year-earlier period.

Total revenue grew 14.6% year over year to 159.3 million lira from 138.9 million lira, and total operating expenses decreased 13.2% on an annual basis to 143.5 million lira from 165.4 million lira.

Reported net income totaled a loss of 4.4 million lira, or a loss of 20 kurus per share, compared to a loss of 46.4 million lira, or a loss of 2.35 lira per share, in the year-earlier period.

As of April 11, US$1 was equivalent to 2.83 Turkish lira.