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Denizli Cam swings to loss in Q2

Denizli Cam Sanayii ve Ticaret AS said its normalized net income for the second quarter amounted to a loss of 36 kurus per share, compared with 17 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.2 million lira, compared with income of 1.0 million lira in the prior-year period.

The normalized profit margin fell to negative 12.3% from 4.9% in the year-earlier period.

Total revenue fell 15.9% on an annual basis to 17.5 million lira from 20.8 million lira, and total operating expenses increased year over year to 20.1 million lira from 19.4 million lira.

Reported net income came to a loss of 2.0 million lira, or a loss of 34 kurus per share, compared to income of 1.3 million lira, or 22 kurus per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to 2.98 Turkish lira.