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Metemtur Otelcilik ve Tur swings to profit in Q3

Metemtur Otelcilik ve Turizm Isletmeleri AS said its third-quarter normalized net income was 30 kurus per share, compared with a loss of 14 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 5.4 million lira, compared with a loss of 2.6 million lira in the year-earlier period.

The normalized profit margin climbed to 15.8% from negative 61.0% in the year-earlier period.

Total revenue increased on an annual basis to 34.5 million lira from 4.2 million lira, and total operating expenses rose on an annual basis to 25.8 million lira from 3.6 million lira.

Reported net income came to 7.2 million lira, or 40 kurus per share, compared to a loss of 2.9 million lira, or a loss of 16 kurus per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.