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Parsan Makina Parçalari Sanayii Q3 loss widens 13.4% YOY

Parsan Makina Parçalari Sanayii AS said its normalized net income for the third quarter amounted to a loss of 8 kurus per share, compared with a loss of 7 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 5.9 million lira, compared with a loss of 5.2 million lira in the year-earlier period.

The normalized profit margin dropped to negative 11.0% from negative 10.4% in the year-earlier period.

Total revenue rose 6.6% year over year to 53.3 million lira from 50.0 million lira, and total operating expenses climbed 19.1% on an annual basis to 55.2 million lira from 46.4 million lira.

Reported net income came to a loss of 9.5 million lira, or a loss of 12 kurus per share, compared to a loss of 2.7 million lira, or a loss of 4 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.