Selçuk Gida Endüstri Ihracat Ithalat AS said its first-quarter normalized net income was a loss of 3 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 672,200 lira, compared with a loss of 238,540 lira in the year-earlier period.

The normalized profit margin fell to negative 26.4% from negative 11.0% in the year-earlier period.

Total revenue grew 15.1% on an annual basis to 2.5 million lira from 2.2 million lira, and total operating expenses increased 37.7% on an annual basis to 3.5 million lira from 2.6 million lira.

Reported net income totaled a loss of 1.0 million lira, or a loss of 5 kurus per share, compared to a loss of 394,980 lira, or a loss of 2 kurus per share, in the prior-year period.

As of May 20, US$1 was equivalent to 2.58 Turkish lira.