Yaprak Süt ve Besi Çiftlikleri Sanayi ve TAS said its third-quarter normalized net income was a loss of 88,300 lira, compared with a loss of 23,770 lira in the prior-year period.

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

The normalized profit margin declined to negative 2.8% from negative 1.0% in the year-earlier period.

Total revenue climbed 28.7% year over year to 3.2 million lira from 2.5 million lira, and total operating expenses rose 31.0% on an annual basis to 3.3 million lira from 2.5 million lira.

Reported net income totaled a loss of 289,340 lira, or a loss of 4 kurus per share, compared to income of 512,680 lira, or 7 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.