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Marti Otel Isletmeleri fiscal Q1 loss narrows YOY

Marti Otel Isletmeleri AS said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 307,390 lira, compared with a loss of 8.2 million 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 1.0% from negative 29.0% in the year-earlier period.

Total revenue grew 13.3% on an annual basis to 32.2 million lira from 28.4 million lira, and total operating expenses rose on an annual basis to 32.5 million lira from 31.2 million lira.

Reported net income totaled 247,240 lira, or 0 kurus per share, compared to a loss of 13.3 million lira, or a loss of 15 kurus per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 2.15 Turkish lira.