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Arcelik AS profit misses consensus by 38.3% in Q2

Arçelik Anonim Sirketi said its normalized net income for the second quarter was 61 kurus per share, compared with the S&P Capital IQ consensus estimate of 98 kurus per share.

EPS climbed year over year from 17 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 408.8 million lira, a gain from 112.5 million lira in the year-earlier period.

The normalized profit margin rose to 10.3% from 3.4% in the year-earlier period.

Total revenue grew 18.0% on an annual basis to 3.96 billion lira from 3.36 billion lira, and total operating expenses increased 18.1% from the prior-year period to 3.64 billion lira from 3.08 billion lira.

Reported net income grew 99.8% year over year to 652.0 million lira, or 96 kurus per share, from 326.3 million lira, or 48 kurus per share.

As of July 29, US$1 was equivalent to 2.99 Turkish lira.