Adadolu Efes Biracilik vs Malt Sanayii AS said its normalized net income for the first quarter was a loss of 21 kurus per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 kurus per share.
The per-share loss increased 74.2% year over year from 12 kurus.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 125.0 million lira, compared with a loss of 71.8 million lira in the year-earlier period.
The normalized profit margin declined to negative 6.5% from negative 3.6% in the year-earlier period.
Total revenue declined year over year to 1.93 billion lira from 2.01 billion lira, and total operating expenses decreased 6.1% year over year to 1.84 billion lira from 1.96 billion lira.
Reported net income totaled a loss of 212.0 million lira, or a loss of 36 kurus per share, compared to a loss of 99.6 million lira, or a loss of 17 kurus per share, in the prior-year period.
As of May 7, US$1 was equivalent to 2.69 Turkish lira.
