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Viking Pulp & Paper Q3 loss narrows YOY

Viking Kagit ve Selüloz AS said its third-quarter normalized net income amounted to a loss of 13 kurus per share, compared with a loss of 41 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 2.6 million lira, compared with a loss of 7.7 million lira in the year-earlier period.

The normalized profit margin climbed to negative 7.3% from negative 23.7% in the year-earlier period.

Total revenue rose 11.8% year over year to 36.2 million lira from 32.4 million lira, and total operating expenses climbed 8.7% from the prior-year period to 35.2 million lira from 32.3 million lira.

Reported net income totaled a loss of 4.1 million lira, or a loss of 19 kurus per share, compared to a loss of 12.2 million lira, or a loss of 65 kurus per share, in the year-earlier period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.