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Kervansaray Yatirim Holding swings to loss in Q2

Kervansaray Yatirim Holding AS said its second-quarter normalized net income was a loss of 15.8 million lira, compared with income of 3.3 million lira in the year-earlier period.

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

The normalized profit margin fell to negative 36.0% from 6.0% in the year-earlier period.

Total revenue fell 19.7% year over year to 44.3 million lira from 55.1 million lira, and total operating expenses decreased 10.5% from the prior-year period to 52.8 million lira from 58.9 million lira.

Reported net income came to a loss of 22.8 million lira, or a loss of 4 kurus per share, compared to income of 2.1 million lira, or 0 kurus per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.