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Kordsa Global Q2 profit climbs 55.7% YOY

Kordsa Global Endüstriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS said its normalized net income for the second quarter came to 8 kurus per share, an increase of 57.1% from 5 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.0 million lira, an increase of 55.7% from 10.2 million lira in the year-earlier period.

The normalized profit margin increased to 2.5% from 2.4% in the year-earlier period.

Total revenue grew 6.7% year over year to 457.9 million lira from 429.0 million lira, and total operating expenses climbed on an annual basis to 417.0 million lira from 398.4 million lira.

Reported net income increased 79.4% on an annual basis to 24.8 million lira, or 13 kurus per share, from 13.8 million lira, or 7 kurus per share.

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