Yaprak Süt ve Besi Çiftlikleri Sanayi ve TAS said its second-quarter normalized net income was 3 kurus per share, an increase of 22.3% from 3 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 247,660 lira, an increase of 22.3% from 202,450 lira in the year-earlier period.

The normalized profit margin rose to 8.9% from 8.5% in the year-earlier period.

Total revenue increased 17.7% year over year to 2.8 million lira from 2.4 million lira, and total operating expenses rose 16.1% on an annual basis to 2.4 million lira from 2.1 million lira.

Reported net income increased on an annual basis to 621,500 lira, or 9 kurus per share, from 89,710 lira, or 1 kurus per share.

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