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Altinyag Combine Q1 loss narrows YOY

Altinyag Combine Inc. said its first-quarter normalized net income came to a loss of 1 kurus per share, compared with a loss of 1 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 627,360 lira, compared with a loss of 787,310 lira in the year-earlier period.

The normalized profit margin climbed to negative 3.0% from negative 6.3% in the year-earlier period.

Total revenue grew 68.5% year over year to 21.1 million lira from 12.5 million lira, and total operating expenses climbed 55.1% year over year to 22.7 million lira from 14.6 million lira.

Reported net income totaled a loss of 658,610 lira, or a loss of 1 kurus per share, compared to a loss of 2.1 million lira, or a loss of 3 kurus per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 2.94 Turkish lira.