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Karsu Tekstil Q3 loss narrows YOY

Karsu Tekstil Sanayii ve Ticaret AS said its third-quarter normalized net income was a loss of 6 kurus per share, compared with a loss of 22 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 2.2 million lira, compared with a loss of 7.7 million lira in the year-earlier period.

The normalized profit margin climbed to negative 7.4% from negative 30.2% in the year-earlier period.

Total revenue climbed 18.1% on an annual basis to 30.0 million lira from 25.4 million lira, and total operating expenses increased 24.8% on an annual basis to 24.5 million lira from 19.6 million lira.

Reported net income came to a loss of 3.5 million lira, or a loss of 10 kurus per share, compared to a loss of 12.5 million lira, or a loss of 36 kurus per share, in the year-earlier period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.