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Akin Tekstil swings to profit in Q2

Akin Tekstil AS said its second-quarter normalized net income was 211,880 lira, compared with a loss of 145,680 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 climbed to 0.6% from negative 0.5% in the year-earlier period.

Total revenue increased 26.4% year over year to 37.2 million lira from 29.4 million lira, and total operating expenses grew 21.3% from the prior-year period to 35.5 million lira from 29.2 million lira.

Reported net income totaled 2.6 million lira, or 10 kurus per share, compared to a loss of 61,890 lira, or a loss of 0 kurus per share, in the prior-year period.

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