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Tek-Art Turizm swings to loss in Q3

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its normalized net income for the third quarter was a loss of 408,930 lira, compared with income of 4.1 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 22.1% from 31.4% in the year-earlier period.

Total revenue declined 85.9% on an annual basis to 1.8 million lira from 13.1 million lira, and total operating expenses decreased 51.3% from the prior-year period to 3.8 million lira from 7.7 million lira.

Reported net income totaled a loss of 556,390 lira, or a loss of 0 kurus per share, compared to income of 5.3 million lira, or 4 kurus per share, in the year-earlier period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.