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Brisa Bridgestone Sabanci Lastik profit misses consensus by 63.7% in Q2

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret AS said its second-quarter normalized net income was 6 kurus per share, compared with the S&P Capital IQ consensus estimate of 16 kurus per share.

EPS decreased 14.5% year over year from 7 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.6 million lira, a decrease of 14.5% from 22.9 million lira in the year-earlier period.

The normalized profit margin declined to 4.5% from 5.7% in the year-earlier period.

Total revenue rose 8.8% on an annual basis to 434.0 million lira from 399.0 million lira, and total operating expenses rose 10.5% on an annual basis to 385.9 million lira from 349.2 million lira.

Reported net income rose 10.8% on an annual basis to 34.4 million lira, or 10 kurus per share, from 31.0 million lira, or 9 kurus per share.

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