Bilici Yatirim Sanayi ve Ticaret A.S. said its normalized net income for the first quarter amounted to a loss of 7 kurus per share, compared with a loss of 2 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 3.2 million lira, compared with a loss of 922,620 lira in the prior-year period.

The normalized profit margin dropped to negative 14.9% from negative 4.8% in the year-earlier period.

Total revenue grew 11.2% on an annual basis to 21.6 million lira from 19.4 million lira, and total operating expenses rose 10.9% from the prior-year period to 17.7 million lira from 15.9 million lira.

Reported net income increased from the prior-year period to 2.9 million lira, or 6 kurus per share, from 473,350 lira, or 1 kurus per share.

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