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Dardanel Onentas Gida Sanayi Q3 loss narrows YOY

Dardanel Onentas Gida Sanayi AS said its third-quarter normalized net income was a loss of 6 kurus per share, compared with a loss of 33 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 3.1 million lira, compared with a loss of 17.5 million lira in the prior-year period.

The normalized profit margin increased to negative 6.5% from negative 49.6% in the year-earlier period.

Total revenue rose 37.8% year over year to 48.7 million lira from 35.4 million lira, and total operating expenses grew 10.3% from the prior-year period to 44.7 million lira from 40.6 million lira.

Reported net income came to a loss of 4.8 million lira, or a loss of 9 kurus per share, compared to a loss of 28.0 million lira, or a loss of 53 kurus per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.