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Utopya Turizm Insaat Q1 loss widens 37.7% YOY

Utopya Turizm Insaat Isletmecilik Ticaret AS said its normalized net income for the first quarter was a loss of 21 kurus per share, compared with a loss of 16 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 5.3 million lira, compared with a loss of 3.8 million lira in the prior-year period.

The normalized profit margin dropped to negative 215.2% from negative 180.8% in the year-earlier period.

Total revenue grew 13.9% on an annual basis to 2.4 million lira from 2.1 million lira, and total operating expenses climbed year over year to 6.0 million lira from 5.8 million lira.

Reported net income totaled a loss of 8.3 million lira, or a loss of 33 kurus per share, compared to a loss of 6.1 million lira, or a loss of 25 kurus per share, in the year-earlier period.

As of May 8, US$1 was equivalent to 2.69 Turkish lira.