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Menderes Tekstil swings to loss in Q2

Menderes Tekstil Sanayi ve Ticaret AS said its second-quarter normalized net income was a loss of 2.4 million lira, compared with income of 14.5 million lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.1% from 11.6% in the year-earlier period.

Total revenue declined 11.4% year over year to 110.7 million lira from 125.0 million lira, and total operating expenses decreased 7.4% from the prior-year period to 104.0 million lira from 112.3 million lira.

Reported net income fell 97.8% year over year to 390,490 lira, or 0 kurus per share, from 17.7 million lira, or 7 kurus per share.

As of Aug. 17, US$1 was equivalent to 2.86 Turkish lira.