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AVOD Q3 profit climbs 46.2% YOY

AVOD Kurutulmus Gida ve Tarim Urunleri Sanayi TAS said its normalized net income for the third quarter came to 8 kurus per share, a gain of 46.3% from 5 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 2.3 million lira, an increase of 46.2% from 1.6 million lira in the prior-year period.

The normalized profit margin climbed to 9.7% from 6.2% in the year-earlier period.

Total revenue decreased 6.3% year over year to 23.6 million lira from 25.2 million lira, and total operating expenses increased 15.9% from the prior-year period to 22.7 million lira from 19.6 million lira.

Reported net income increased 80.5% from the prior-year period to 4.2 million lira, or 14 kurus per share, from 2.3 million lira, or 8 kurus per share.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.