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Tukas Gida Sanayi ve Ticaret Q2 profit falls YOY

Tukas Gida Sanayi ve Ticaret AS said its normalized net income for the second quarter came to 866,690 lira, a decline of 90.3% from 9.0 million 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 dropped to 1.4% from 18.0% in the year-earlier period.

Total revenue grew 21.2% year over year to 60.2 million lira from 49.7 million lira, and total operating expenses climbed 72.9% from the prior-year period to 55.2 million lira from 31.9 million lira.

Reported net income declined 95.6% year over year to 1.6 million lira, or 1 kurus per share, from 35.4 million lira, or 13 kurus per share.

As of Aug. 12, US$1 was equivalent to 2.95 Turkish lira.