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Bimeks Bilgi Islem Ve Dis Ticaret swings to loss in Q2

Bimeks Bilgi Islem Ve Dis Ticaret AS said its second-quarter normalized net income was a loss of 701,930 lira, compared with income of 3.5 million 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 dropped to negative 0.2% from 1.2% in the year-earlier period.

Total revenue climbed 35.3% year over year to 397.4 million lira from 293.7 million lira, and total operating expenses climbed 36.9% on an annual basis to 389.2 million lira from 284.3 million lira.

Reported net income came to a loss of 191,650 lira, or a loss of 0 kurus per share, compared to income of 5.5 million lira, or 5 kurus per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.