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Federal-Mogul Q2 profit climbs YOY

Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri AS said its normalized net income for the second quarter came to 23 kurus per share, an increase from 23 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 3.3 million lira, a gain from 3.2 million lira in the year-earlier period.

The normalized profit margin climbed to 21.2% from 21.0% in the year-earlier period.

Total revenue totaled 15.6 million lira, compared with 15.5 million lira in the year-earlier period, and total operating expenses declined year over year to 11.0 million lira from 11.5 million lira.

Reported net income fell 25.2% from the prior-year period to 4.1 million lira, or 29 kurus per share, from 5.5 million lira, or 39 kurus per share.

As of Aug. 5, US$1 was equivalent to 3.02 Turkish lira.