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Birlik Mensucat Q2 loss widens 16.8% YOY

Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its second-quarter normalized net income was a loss of 5 kurus per share, compared with a loss of 4 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 830,810 lira, compared with a loss of 711,320 lira in the prior-year period.

The normalized profit margin declined to negative 19.7% from negative 17.9% in the year-earlier period.

Total revenue increased 6.1% year over year to 4.2 million lira from 4.0 million lira, and total operating expenses rose 7.5% on an annual basis to 4.7 million lira from 4.4 million lira.

Reported net income came to a loss of 1.3 million lira, or a loss of 8 kurus per share, compared to a loss of 1.1 million lira, or a loss of 7 kurus per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 2.93 Turkish lira.