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Utopya Turizm Insaat Q2 loss narrows YOY

Utopya Turizm Insaat Isletmecilik Ticaret AS said its second-quarter normalized net income amounted to a loss of 13 kurus per share, compared with a loss of 21 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 a loss of 3.4 million lira, compared with a loss of 5.4 million lira in the year-earlier period.

The normalized profit margin fell to negative 61.9% from negative 47.5% in the year-earlier period.

Total revenue declined 51.7% year over year to 5.4 million lira from 11.3 million lira, and total operating expenses declined 34.4% from the prior-year period to 8.9 million lira from 13.6 million lira.

Reported net income totaled a loss of 5.3 million lira, or a loss of 21 kurus per share, compared to a loss of 8.9 million lira, or a loss of 36 kurus per share, in the year-earlier period.

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