Merit Turizm Yatirim ve Isletme AS said its normalized net income for the first half amounted to 16 kurus per share, an increase from 16 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 413,990 lira, a gain from 398,430 lira in the year-earlier period.

Total revenue rose 42.8% on an annual basis to 2.2 million lira from 1.5 million lira, and total operating expenses increased 71.6% from the prior-year period to 1.5 million lira from 871,510 lira.

Reported net income rose year over year to 513,280 lira, or 20 kurus per share, from 499,920 lira, or 20 kurus per share.

As of July 29, US$1 was equivalent to 2.76 Turkish lira.