Pinar Süt Mamülleri Sanayii AS said its normalized net income for the second quarter was 11 kurus per share, a decrease of 39.3% from 18 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 5.0 million lira, a decline of 39.3% from 8.2 million lira in the prior-year period.

The normalized profit margin fell to 2.0% from 3.5% in the year-earlier period.

Total revenue rose 6.3% on an annual basis to 250.6 million lira from 235.7 million lira, and total operating expenses increased 7.0% year over year to 242.3 million lira from 226.4 million lira.

Reported net income declined 52.2% from the prior-year period to 7.5 million lira, or 17 kurus per share, from 15.6 million lira, or 35 kurus per share.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.