Altin Yunus Çesme Turistik Tesisler AS said its normalized net income for the second quarter amounted to a loss of 8 kurus per share, compared with a loss of 3 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 1.3 million lira, compared with a loss of 577,090 lira in the year-earlier period.

The normalized profit margin dropped to negative 27.5% from negative 11.4% in the year-earlier period.

Total revenue declined 7.0% year over year to 4.7 million lira from 5.0 million lira, and total operating expenses increased 7.8% on an annual basis to 6.5 million lira from 6.0 million lira.

Reported net income totaled a loss of 2.0 million lira, or a loss of 12 kurus per share, compared to a loss of 872,100 lira, or a loss of 5 kurus per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.