Viking Kagit ve Selüloz AS said its normalized net income for the first quarter came to a loss of 2 kurus per share, compared with a loss of 19 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 368,650 lira, compared with a loss of 2.2 million lira in the year-earlier period.

The normalized profit margin climbed to negative 0.9% from negative 7.2% in the year-earlier period.

Total revenue grew 40.7% year over year to 42.9 million lira from 30.5 million lira, and total operating expenses grew 36.6% year over year to 41.2 million lira from 30.2 million lira.

Reported net income came to a loss of 645,430 lira, or a loss of 3 kurus per share, compared to a loss of 3.5 million lira, or a loss of 30 kurus per share, in the prior-year period.

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