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Arsan Tekstil Q2 profit climbs YOY

Arsan Tekstil Ticaret ve Sanayi AS said its normalized net income for the second quarter amounted to 5.8 million lira, a rise from 1.3 million 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 rose to 15.2% from 4.8% in the year-earlier period.

Total revenue increased 41.1% year over year to 38.0 million lira from 27.0 million lira, and total operating expenses increased on an annual basis to 32.8 million lira from 31.4 million lira.

Reported net income increased from the prior-year period to 9.5 million lira, or 12 kurus per share, from 1.4 million lira, or 0 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.