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Kipa Ticaret fiscal Q3 loss narrows YOY

Kipa Ticaret AS said its normalized net income for the fiscal third quarter ended Nov. 29 amounted to a loss of 3 kurus per share, compared with a loss of 5 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 37.4 million lira, compared with a loss of 62.3 million lira in the year-earlier period.

The normalized profit margin climbed to negative 6.6% from negative 11.1% in the year-earlier period.

Total revenue declined year over year to 552.3 million lira from 559.5 million lira, and total operating expenses fell 7.1% on an annual basis to 597.1 million lira from 643.1 million lira.

Reported net income came to a loss of 60.4 million lira, or a loss of 5 kurus per share, compared to a loss of 100.4 million lira, or a loss of 8 kurus per share, in the year-earlier period.

As of Dec. 30, US$1 was equivalent to 2.92 Turkish lira.