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Ditas Dogan Yedek Parça swings to loss in Q3

Ditas Dogan Yedek Parça Imalat ve Teknik AS said its normalized net income for the third quarter came to a loss of 11 kurus per share, compared with 3 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.1 million lira, compared with income of 281,460 lira in the year-earlier period.

The normalized profit margin dropped to negative 6.2% from 1.3% in the year-earlier period.

Total revenue fell 22.4% on an annual basis to 17.2 million lira from 22.1 million lira, and total operating expenses declined 15.5% on an annual basis to 18.3 million lira from 21.6 million lira.

Reported net income totaled a loss of 1.7 million lira, or a loss of 17 kurus per share, compared to income of 212,620 lira, or 2 kurus per share, in the prior-year period.

As of Nov. 2, US$1 was equivalent to 3.12 Turkish lira.