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Tek-Art Turizm Q1 loss widens YOY

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its first-quarter normalized net income amounted to a loss of 2.4 million lira, compared with a loss of 676,620 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue grew 26.7% on an annual basis to 216,890 lira from 171,150 lira, and total operating expenses increased 65.9% year over year to 2.7 million lira from 1.6 million lira.

Reported net income totaled a loss of 3.1 million lira, or a loss of 2 kurus per share, compared to a loss of 869,210 lira, or a loss of 1 kurus per share, in the prior-year period.

As of April 30, US$1 was equivalent to 2.68 Turkish lira.