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Carrefoursa swings to loss in Q2

Carrefour SA Carrefour Sabanci Ticaret Merkezi AS said its second-quarter normalized net income amounted to a loss of 14.2 million lira, compared with income of 2.3 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 fell to negative 1.6% from 0.3% in the year-earlier period.

Total revenue increased 12.1% on an annual basis to 861.1 million lira from 768.1 million lira, and total operating expenses climbed 15.5% from the prior-year period to 864.5 million lira from 748.3 million lira.

Reported net income totaled a loss of 19.5 million lira, or a loss of 3 kurus per share, compared to income of 706,120 lira in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.