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Frigo-Pak Gida Maddeleri Q2 loss narrows YOY

Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS said its normalized net income for the second quarter came to a loss of 12 kurus per share, compared with a loss of 16 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 581,320 lira, compared with a loss of 810,930 lira in the prior-year period.

The normalized profit margin rose to negative 7.6% from negative 10.1% in the year-earlier period.

Total revenue fell year over year to 7.7 million lira from 8.0 million lira, and total operating expenses increased 16.4% from the prior-year period to 9.1 million lira from 7.8 million lira.

Reported net income totaled a loss of 930,970 lira, or a loss of 19 kurus per share, compared to a loss of 1.3 million lira, or a loss of 27 kurus per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 2.93 Turkish lira.