Tourist Co. of Nigeria PLC said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 7 kobo per share, compared with a loss of 45 kobo 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 162.2 million nairas, compared with a loss of 1.01 billion nairas in the prior-year period.

The normalized profit margin climbed to negative 22.4% from negative 148.3% in the year-earlier period.

Total revenue increased 6.4% year over year to 722.6 million nairas from 679.4 million nairas, and total operating expenses rose 21.5% year over year to 848.9 million nairas from 698.7 million nairas.

Reported net income came to a loss of 264.9 million nairas, or a loss of 11 kobo per share, compared to a loss of 1.63 billion nairas, or a loss of 73 kobo per share, in the prior-year period.

As of April 27, US$1 was equivalent to 199.05 nairas.