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Birlik Mensucat Q3 loss narrows YOY

Birlik Mensucat Ticaret ve Sanayi Isletmesi AS said its third-quarter normalized net income was a loss of 4 kurus per share, compared with a loss of 11 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 730,600 lira, compared with a loss of 1.9 million lira in the prior-year period.

The normalized profit margin rose to negative 21.1% from negative 56.8% in the year-earlier period.

Total revenue grew 5.1% on an annual basis to 3.5 million lira from 3.3 million lira, and total operating expenses decreased on an annual basis to 3.6 million lira from 3.7 million lira.

Reported net income came to a loss of 1.2 million lira, or a loss of 7 kurus per share, compared to a loss of 2.9 million lira, or a loss of 18 kurus per share, in the prior-year period.

As of Nov. 7, US$1 was equivalent to 3.18 Turkish lira.