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Tek-Art Turizm Q2 profit climbs YOY

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its second-quarter normalized net income amounted to 1.0 million lira, an increase from 311,360 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 climbed to 17.3% from 6.6% in the year-earlier period.

Total revenue rose 25.0% year over year to 5.9 million lira from 4.7 million lira, and total operating expenses declined 10.1% from the prior-year period to 4.5 million lira from 5.0 million lira.

Reported net income rose on an annual basis to 1.2 million lira, or 1 kurus per share, from 356,900 lira, or 0 kurus per share.

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