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Esem Spor Giyim swings to loss in Q3

Esem Spor Giyim Sanayi Ve Ticaret AS said its third-quarter normalized net income amounted to 610,450 lira, compared with income of 90,470 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 33.5% from 1.0% in the year-earlier period.

Total revenue fell 80.2% year over year to 1.8 million lira from 9.2 million lira, and total operating expenses declined 70.0% year over year to 2.8 million lira from 9.3 million lira.

Reported net income came to a loss of 920,530 lira, compared with income of 120,200 lira in the year-earlier period.

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