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Desa swings to profit in Q2

Desa Deri Sanayi ve Ticaret A.S. said its normalized net income for the second quarter was 88,550 lira, compared with a loss of 1.6 million lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.2% from negative 3.5% in the year-earlier period.

Total revenue declined 15.5% year over year to 38.3 million lira from 45.3 million lira, and total operating expenses decreased 16.6% on an annual basis to 37.3 million lira from 44.8 million lira.

Reported net income came to 306,570 lira, or 1 kurus per share, compared to a loss of 2.3 million lira, or a loss of 5 kurus per share, in the year-earlier period.

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