Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi AS said its normalized net income for the first quarter amounted to a loss of 496,370 lira, compared with a loss of 24,590 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 dropped to negative 1.6% from negative 0.1% in the year-earlier period.
Total revenue fell 22.7% year over year to 30.5 million lira from 39.5 million lira, and total operating expenses declined 21.7% year over year to 27.1 million lira from 34.6 million lira.
Reported net income came to a loss of 106,130 lira, or a loss of 0 kurus per share, compared to a loss of 941,620 lira, or a loss of 2 kurus per share, in the year-earlier period.
As of May 8, US$1 was equivalent to 2.69 Turkish lira.
