Menderes Tekstil Sanayi ve Ticaret AS said its normalized net income for the first quarter came to a loss of 6 kurus per share, compared with 5 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 15.7 million lira, compared with income of 11.3 million lira in the year-earlier period.
The normalized profit margin declined to negative 15.5% from 8.6% in the year-earlier period.
Total revenue fell 22.5% on an annual basis to 101.6 million lira from 131.0 million lira, and total operating expenses declined on an annual basis to 106.5 million lira from 108.5 million lira.
Reported net income totaled a loss of 23.3 million lira, or a loss of 9 kurus per share, compared to income of 14.8 million lira, or 6 kurus per share, in the year-earlier period.
As of May 11, US$1 was equivalent to 2.69 Turkish lira.
