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Flap Kongre Q2 profit falls YOY

Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS said its normalized net income for the second quarter amounted to 1 kurus per share, a decrease of 32.7% from 2 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 420,070 lira, a decrease of 32.7% from 623,970 lira in the prior-year period.

The normalized profit margin fell to 3.9% from 8.5% in the year-earlier period.

Total revenue rose 47.6% year over year to 10.9 million lira from 7.4 million lira, and total operating expenses rose 52.8% on an annual basis to 10.7 million lira from 7.0 million lira.

Reported net income came to a loss of 608,140 lira, or a loss of 2 kurus per share, compared to income of 772,780 lira, or 2 kurus per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.