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Merko Gida Q2 profit falls YOY

Merko Gida Sanayi ve Ticaret AS said its normalized net income for the second quarter amounted to 2 kurus per share, a decline of 77.1% from 8 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 493,370 lira, a decrease of 77.1% from 2.2 million lira in the year-earlier period.

The normalized profit margin fell to 2.3% from 5.5% in the year-earlier period.

Total revenue fell 45.3% year over year to 21.5 million lira from 39.3 million lira, and total operating expenses decreased 43.1% year over year to 20.4 million lira from 35.9 million lira.

Reported net income declined 67.8% on an annual basis to 794,090 lira, or 3 kurus per share, from 2.5 million lira, or 9 kurus per share.

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