Utopya Turizm Insaat Isletmecilik Ticaret AS said its normalized net income for the third quarter came to a loss of 8 kurus per share, compared with a loss of 17 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 2.1 million lira, compared with a loss of 4.1 million lira in the year-earlier period.

The normalized profit margin climbed to negative 15.3% from negative 20.2% in the year-earlier period.

Total revenue fell 33.3% year over year to 13.7 million lira from 20.5 million lira, and total operating expenses declined 9.4% year over year to 11.5 million lira from 12.7 million lira.

Reported net income totaled a loss of 3.5 million lira, or a loss of 14 kurus per share, compared to a loss of 6.9 million lira, or a loss of 28 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.