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Silverline Endustri profit holds mostly steady YOY in Q2

Silverline Endustri ve Ticaret AS said its normalized net income for the second quarter came to 3 kurus per share, a gain from 3 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.0 million lira, compared with 1.0 million lira in the prior-year period.

The normalized profit margin dropped to 2.9% from 3.2% in the year-earlier period.

Total revenue grew 10.8% on an annual basis to 34.6 million lira from 31.2 million lira, and total operating expenses increased 8.8% on an annual basis to 32.6 million lira from 29.9 million lira.

Reported net income grew year over year to 1.3 million lira, or 5 kurus per share, from 1.3 million lira, or 4 kurus per share.

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