Altin Yunus Çesme Turistik Tesisler AS said its first-quarter normalized net income came to a loss of 9 kurus per share, compared with a loss of 11 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.5 million lira, compared with a loss of 1.8 million lira in the prior-year period.

The normalized profit margin climbed to negative 43.4% from negative 75.5% in the year-earlier period.

Total revenue increased 41.3% on an annual basis to 3.4 million lira from 2.4 million lira, and total operating expenses increased 5.5% year over year to 5.4 million lira from 5.1 million lira.

Reported net income came to a loss of 2.3 million lira, or a loss of 13 kurus per share, compared to a loss of 2.9 million lira, or a loss of 17 kurus per share, in the year-earlier period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.