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Denizli Cam swings to loss in Q3

Denizli Cam Sanayii ve Ticaret AS said its third-quarter normalized net income came to a loss of 2.9 million lira, compared with income of 54,910 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 declined to negative 20.7% from 0.3% in the year-earlier period.

Total revenue fell 24.5% year over year to 14.2 million lira from 18.8 million lira, and total operating expenses decreased 6.3% on an annual basis to 17.8 million lira from 19.0 million lira.

Reported net income totaled a loss of 3.5 million lira, or a loss of 59 kurus per share, compared to income of 106,310 lira, or 2 kurus per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.