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Kerevitas Q3 loss narrows YOY

Kerevitas Gida Sanayi ve Ticaret AS said its third-quarter normalized net income was a loss of 1.46 Turkish lira per share, compared with a loss of 9.05 lira 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 9.8 million lira, compared with a loss of 33.9 million lira in the year-earlier period.

The normalized profit margin increased to negative 8.5% from negative 36.1% in the year-earlier period.

Total revenue grew 23.1% on an annual basis to 115.4 million lira from 93.8 million lira, and total operating expenses climbed 34.2% on an annual basis to 115.2 million lira from 85.8 million lira.

Reported net income came to a loss of 12.6 million lira, or a loss of 1.87 lira per share, compared to a loss of 43.4 million lira, or a loss of 11.58 lira per share, in the prior-year period.

As of Nov. 8, US$1 was equivalent to 3.18 Turkish lira.