Karsan Otomotiv Sanayii ve Ticaret AS said its normalized net income for the third quarter amounted to a loss of 4.5 million lira, compared with a loss of 16.0 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 increased to negative 1.8% from negative 18.9% in the year-earlier period.

Total revenue climbed on an annual basis to 249.7 million lira from 84.7 million lira, and total operating expenses rose 83.9% year over year to 175.5 million lira from 95.4 million lira.

Reported net income totaled a loss of 4.6 million lira, or a loss of 1 kurus per share, compared to a loss of 23.3 million lira, or a loss of 1 kurus per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 2.92 Turkish lira.