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Altinyag Combine Q1 loss widens YOY

Altinyag Combine Inc. said its first-quarter normalized net income was a loss of 787,310 lira, compared with a loss of 323,380 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 6.3% from negative 2.3% in the year-earlier period.

Total revenue declined 9.8% on an annual basis to 12.5 million lira from 13.9 million lira, and total operating expenses climbed from the prior-year period to 14.7 million lira from 14.1 million lira.

Reported net income totaled a loss of 2.1 million lira, or a loss of 3 kurus per share, compared to a loss of 557,580 lira, or a loss of 1 kurus per share, in the prior-year period.

As of May 11, US$1 was equivalent to 2.69 Turkish lira.