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Petrokent Turizm Q3 profit falls YOY

Petrokent Turizm AS said its third-quarter normalized net income was 65 kurus per share, a decline of 89.4% from 6.18 lira per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 677,910 lira, a decline of 89.4% from 6.4 million lira in the prior-year period.

The normalized profit margin dropped to 6.1% from 28.1% in the year-earlier period.

Total revenue fell 51.3% year over year to 11.1 million lira from 22.8 million lira, and total operating expenses fell 23.4% year over year to 9.3 million lira from 12.1 million lira.

Reported net income decreased 77.0% on an annual basis to 2.3 million lira, or 2.25 lira per share, from 10.1 million lira, or 9.76 lira per share.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.