Rising marketing, distribution and finance costs have hit the bottom line of Turkeish retailer Migros Ticaret in the first quarter of the year.

Migros Ticaret has reported a net loss of TRL134.4m (US$84.6m) for the three months to the end of March, compared to net income of TRL58.8m a year ago.

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The loss came despite a 9.8% increase in revenues to TRL1.58bn. However, higher marketing, selling and distribution expenses – plus a jump in finance costs – drove Migros into the red in the first quarter of the year. Migros’s finance costs were inflated by bigger foreign exchange losses during the quarter.

The retailer’s operating profit reached TRL29.1m, compared to TRL50.7m a year earlier.

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