Marti Otel Isletmeleri AS said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 2.8 million lira, compared with a loss of 307,390 lira in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 1.5% from negative 1.0% in the year-earlier period.
Total revenue decreased on an annual basis to 31.5 million lira from 32.2 million lira, and total operating expenses increased 16.6% year over year to 36.2 million lira from 31.1 million lira.
Reported net income came to a loss of 4.9 million lira, or a loss of 6 kurus per share, compared to income of 247,240 lira, or 0 kurus per share, in the year-earlier period.
As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.