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Eczacibasi Pharmaceutical & Industrial swings to profit in Q2

Eczacibasi Pharmaceutical & Industrial Investment Co. said its normalized net income for the second quarter came to 2 kurus per share, compared with a loss of 2 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 14.7 million lira, compared with a loss of 10.6 million lira in the prior-year period.

The normalized profit margin climbed to 5.1% from negative 4.1% in the year-earlier period.

Total revenue grew 10.5% on an annual basis to 286.5 million lira from 259.3 million lira, and total operating expenses grew 12.1% year over year to 283.2 million lira from 252.5 million lira.

Reported net income came to 18.3 million lira, or 3 kurus per share, compared to a loss of 14.1 million lira, or a loss of 2 kurus per share, in the prior-year period.

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