Yünsa Yünlü Sanayi ve Ticaret A.S. said its normalized net income for the first quarter came to 3 kurus per share, a decline of 68.5% from 10 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 875,840 lira, a decline of 68.5% from 2.8 million lira in the year-earlier period.

The normalized profit margin dropped to 1.2% from 3.6% in the year-earlier period.

Total revenue decreased 5.5% on an annual basis to 73.9 million lira from 78.1 million lira, and total operating expenses decreased from the prior-year period to 68.9 million lira from 71.8 million lira.

Reported net income decreased 59.1% on an annual basis to 1.6 million lira, or 6 kurus per share, from 4.0 million lira, or 14 kurus per share.

As of May 5, US$1 was equivalent to 2.92 Turkish lira.