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Tek-Art Turizm Q1 loss narrows YOY

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its normalized net income for the first quarter came to a loss of 103,120 lira, compared with a loss of 2.4 million 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 was 30.7%.

Total revenue climbed 54.9% on an annual basis to 335,890 lira from 216,890 lira, and total operating expenses decreased 37.4% from the prior-year period to 1.7 million lira from 2.7 million lira.

Reported net income came to a loss of 142,160 lira, or a loss of 0 kurus per share, compared to a loss of 3.1 million lira, or a loss of 2 kurus per share, in the prior-year period.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.