Marti Otel Isletmeleri AS said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3 kurus per share, an increase of 18.4% from 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 2.6 million lira, an increase of 18.4% from 2.2 million lira in the prior-year period.
The normalized profit margin fell to 4.0% from 4.6% in the year-earlier period.
Total revenue increased 27.6% on an annual basis to 60.5 million lira from 47.4 million lira, and total operating expenses grew 44.4% from the prior-year period to 41.6 million lira from 28.8 million lira.
Reported net income grew from the prior-year period to 1.1 million lira, or 1 kurus per share, from 177,160 lira, or 0 kurus per share.
As of Nov. 19, US$1 was equivalent to 2.24 Turkish lira.
