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Ege Endüstri ve Ticaret Q2 profit falls YOY

Ege Endüstri ve Ticaret A.S. said its second-quarter normalized net income amounted to 4.64 Turkish lira per share, a decrease of 14.2% from 5.41 lira per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.6 million lira, a decrease of 14.2% from 17.1 million lira in the year-earlier period.

The normalized profit margin dropped to 21.6% from 27.0% in the year-earlier period.

Total revenue grew 7.3% on an annual basis to 67.7 million lira from 63.1 million lira, and total operating expenses climbed 19.2% on an annual basis to 46.7 million lira from 39.2 million lira.

Reported net income declined 16.3% from the prior-year period to 20.4 million lira, or 6.47 lira per share, from 24.4 million lira, or 7.74 lira per share.

As of Aug. 18, US$1 was equivalent to 2.93 Turkish lira.