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Ulaslar Turizm full-year loss widens YOY

Ulaslar Turizm Yatirimlari ve Dayanikli Tüketim Mallari Ticaret Pazarlama AS said its normalized net income for the full year amounted to a loss of 29 kurus per share, compared with a loss of 7 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 3.2 million lira, compared with a loss of 809,810 lira in the prior-year period.

The normalized profit margin dropped to negative 241.0% from negative 13.6% in the year-earlier period.

Total revenue fell 77.8% year over year to 1.3 million lira from 6.0 million lira, and total operating expenses declined 45.1% on an annual basis to 3.3 million lira from 6.1 million lira.

Reported net income totaled a loss of 5.5 million lira, or a loss of 49 kurus per share, compared to a loss of 1.1 million lira, or a loss of 9 kurus per share, in the prior-year period.

As of Feb. 29, US$1 was equivalent to 2.95 Turkish lira.