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Vestel Beyaz Esya Sanayi ve Ticaret Q3 profit climbs YOY

Vestel Beyaz Esya Sanayi ve Ticaret AS said its normalized net income for the third quarter was 31 kurus per share, a gain from 12 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 59.1 million lira, an increase from 22.7 million lira in the prior-year period.

The normalized profit margin rose to 8.5% from 3.2% in the year-earlier period.

Total revenue came to 696.5 million lira, compared with 700.0 million lira in the year-earlier period, and total operating expenses decreased on an annual basis to 609.1 million lira from 626.1 million lira.

Reported net income increased from the prior-year period to 89.6 million lira, or 47 kurus per share, from 34.3 million lira, or 18 kurus per share.

As of Oct. 21, US$1 was equivalent to 3.08 Turkish lira.