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Parsan Makina Parçalari Sanayii swings to loss in Q2

Parsan Makina Parçalari Sanayii AS said its normalized net income for the second quarter came to a loss of 2 kurus per share, compared with 6 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 1.4 million lira, compared with income of 4.5 million lira in the year-earlier period.

The normalized profit margin fell to negative 2.3% from 7.9% in the year-earlier period.

Total revenue rose on an annual basis to 58.8 million lira from 56.5 million lira, and total operating expenses increased 24.4% year over year to 59.5 million lira from 47.8 million lira.

Reported net income rose 16.0% year over year to 6.7 million lira, or 9 kurus per share, from 5.8 million lira, or 7 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.