Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS said its first-quarter normalized net income came to 54,370 lira, a fall of 97.4% from 2.1 million lira in the prior-year period.

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

The normalized profit margin declined to 4.3% from 23.0% in the year-earlier period.

Total revenue declined 86.3% on an annual basis to 1.3 million lira from 9.2 million lira, and total operating expenses decreased 64.6% year over year to 2.3 million lira from 6.6 million lira.

Reported net income fell 97.5% on an annual basis to 89,750 lira, or 0 kurus per share, from 3.5 million lira, or 11 kurus per share.

As of May 2, US$1 was equivalent to 2.80 Turkish lira.