Utopya Turizm Insaat Isletmecilik Ticaret AS said its first-quarter normalized net income amounted to a loss of 10 kurus per share, compared with a loss of 21 kurus per share in the year-earlier 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 5.2 million lira in the year-earlier period.

The normalized profit margin increased to negative 129.9% from negative 215.2% in the year-earlier period.

Total revenue fell 21.9% on an annual basis to 1.9 million lira from 2.4 million lira, and total operating expenses declined 31.2% year over year to 4.1 million lira from 5.9 million lira.

Reported net income came to a loss of 4.7 million lira, or a loss of 19 kurus per share, compared to a loss of 8.3 million lira, or a loss of 33 kurus per share, in the prior-year period.

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