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Vestel Elektronik Q2 profit falls YOY

Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi said its second-quarter normalized net income was 6 kurus per share, a decrease of 61.5% from 15 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 19.3 million lira, a decrease of 61.5% from 50.2 million lira in the prior-year period.

The normalized profit margin declined to 1.0% from 2.6% in the year-earlier period.

Total revenue totaled 1.93 billion lira, compared with 1.92 billion lira in the prior-year period, and total operating expenses totaled 1.80 billion lira, compared with 1.82 billion lira in the year-earlier period.

Reported net income fell 45.4% year over year to 41.7 million lira, or 12 kurus per share, from 76.4 million lira, or 23 kurus per share.

As of Aug. 11, US$1 was equivalent to 2.78 Turkish lira.