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Desa swings to loss in Q2

Desa Deri Sanayi ve Ticaret A.S. said its second-quarter normalized net income amounted to a loss of 1.6 million lira, compared with income of 183,610 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 3.5% from 0.4% in the year-earlier period.

Total revenue declined 13.2% on an annual basis to 45.3 million lira from 52.2 million lira, and total operating expenses declined 16.2% year over year to 44.8 million lira from 53.4 million lira.

Reported net income totaled a loss of 2.3 million lira, or a loss of 5 kurus per share, compared to income of 453,230 lira, or 1 kurus per share, in the year-earlier period.

As of Aug. 6, US$1 was equivalent to 2.78 Turkish lira.