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Kipa Ticaret fiscal-year loss widens 82.2% YOY

Kipa Ticaret AS said its normalized net income for the fiscal full year ended Feb. 28 came to a loss of 27 kurus per share, compared with a loss of 96 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 304.7 million lira, compared with a loss of 167.2 million lira in the prior-year period.

The normalized profit margin fell to negative 13.2% from negative 7.9% in the year-earlier period.

Total revenue increased 6.2% on an annual basis to 2.25 billion lira from 2.12 billion lira, and total operating expenses grew 14.1% from the prior-year period to 2.66 billion lira from 2.33 billion lira.

Reported net income came to a loss of 545.5 million lira, or a loss of 49 kurus per share, compared to a loss of 550.9 million lira, or a loss of 3.15 lira per share, in the prior-year period.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.