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Birlik Mensucat swings to loss in Q2

Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its second-quarter normalized net income came to a loss of 4 kurus per share, compared with 1 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 711,320 lira, compared with income of 194,050 lira in the year-earlier period.

The normalized profit margin declined to negative 17.9% from 4.7% in the year-earlier period.

Total revenue decreased on an annual basis to 4.0 million lira from 4.2 million lira, and total operating expenses increased 7.2% on an annual basis to 4.4 million lira from 4.1 million lira.

Reported net income came to a loss of 1.1 million lira, or a loss of 7 kurus per share, compared to income of 433,120 lira, or 3 kurus per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.