Escort Teknoloji Yatirim A.S. said its first-quarter normalized net income was a loss of 187,780 lira, compared with a loss of 291,740 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 negative 56.0% from negative 128.3% in the year-earlier period.

Total revenue rose 47.6% year over year to 335,500 lira from 227,380 lira, and total operating expenses decreased 26.1% from the prior-year period to 577,440 lira from 781,240 lira.

Reported net income totaled a loss of 293,650 lira, or a loss of 1 kurus per share, compared to a loss of 492,490 lira, or a loss of 1 kurus per share, in the year-earlier period.

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