Bilici Yatirim Sanayi ve Ticaret A.S. said its third-quarter normalized net income came to 44,620 lira, a decrease of 98.2% from 2.5 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 dropped to 0.2% from 10.7% in the year-earlier period.

Total revenue decreased 19.3% on an annual basis to 18.7 million lira from 23.2 million lira, and total operating expenses decreased 23.7% from the prior-year period to 14.6 million lira from 19.1 million lira.

Reported net income fell 86.7% from the prior-year period to 879,350 lira, or 2 kurus per share, from 6.6 million lira, or 15 kurus per share.

As of Nov. 8, US$1 was equivalent to 3.18 Turkish lira.