Penguen Gida Sanayi AS said its first-quarter normalized net income amounted to a loss of 2 kurus per share, compared with 2 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 1.3 million lira, compared with income of 872,010 lira in the year-earlier period.

The normalized profit margin declined to negative 5.1% from 4.0% in the year-earlier period.

Total revenue climbed 18.5% on an annual basis to 25.6 million lira from 21.6 million lira, and total operating expenses grew 35.0% on an annual basis to 25.9 million lira from 19.2 million lira.

Reported net income came to a loss of 2.2 million lira, or a loss of 4 kurus per share, compared to income of 659,070 lira, or 1 kurus per share, in the prior-year period.

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