Dagi Giyim Sanayi ve Ticaret AS said its normalized net income for the first quarter was a loss of 282,870 lira, compared with income of 540,990 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 declined to negative 1.4% from 2.5% in the year-earlier period.

Total revenue declined on an annual basis to 20.6 million lira from 21.6 million lira, and total operating expenses came to 19.9 million lira, compared with 19.8 million lira in the year-earlier period.

Reported net income totaled a loss of 345,770 lira, or a loss of 1 kurus per share, compared to income of 268,350 lira, or 1 kurus per share, in the prior-year period.

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