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Marti Otel Isletmeleri fiscal Q3 loss widens 22.3% YOY

Marti Otel Isletmeleri AS said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 13 kurus per share, compared with a loss of 11 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.6 million lira, compared with a loss of 9.5 million lira in the year-earlier period.

The normalized profit margin dropped to negative 81.1% from negative 67.7% in the year-earlier period.

Total revenue increased year over year to 14.4 million lira from 14.0 million lira, and total operating expenses grew 12.6% from the prior-year period to 24.7 million lira from 21.9 million lira.

Reported net income totaled a loss of 15.6 million lira, or a loss of 18 kurus per share, compared to a loss of 17.0 million lira, or a loss of 20 kurus per share, in the year-earlier period.

As of Feb. 9, US$1 was equivalent to 2.48 Turkish lira.