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Netas TelekomŸnikasyon swings to loss in Q1

Netas Telekomünikasyon A.S. said its normalized net income for the first quarter was a loss of 10 kurus per share, compared with 10 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.6 million lira, compared with income of 6.5 million lira in the prior-year period.

The normalized profit margin fell to negative 3.2% from 4.1% in the year-earlier period.

Total revenue increased 28.7% on an annual basis to 204.5 million lira from 158.9 million lira, and total operating expenses rose 25.0% on an annual basis to 200.4 million lira from 160.4 million lira.

Reported net income came to a loss of 1.8 million lira, or a loss of 3 kurus per share, compared to income of 4.8 million lira, or 7 kurus per share, in the prior-year period.

As of May 10, US$1 was equivalent to 2.94 Turkish lira.