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Derimod Konfeksiyon Ayakkabi Deri Q2 profit falls YOY

Derimod Konfeksiyon Ayakkabi Deri Sanayi ve Ticaret AS said its normalized net income for the second quarter was 7 kurus per share, a decline of 64.8% from 19 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 351,960 lira, a decrease of 66.2% from 1.0 million lira in the prior-year period.

The normalized profit margin dropped to 1.4% from 2.8% in the year-earlier period.

Total revenue fell 15.4% year over year to 32.0 million lira from 37.8 million lira, and total operating expenses decreased 15.8% from the prior-year period to 30.1 million lira from 35.8 million lira.

Reported net income decreased 68.0% on an annual basis to 417,890 lira, or 8 kurus per share, from 1.3 million lira, or 24 kurus per share.

As of Aug. 9, US$1 was equivalent to 2.97 Turkish lira.