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Birko Birlesik Koyunlulular Mensucat swings to loss in Q2

Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi AS said its second-quarter normalized net income was a loss of 4 kurus per share, compared with 2 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 2.7 million lira, compared with income of 977,090 lira in the prior-year period.

The normalized profit margin dropped to negative 7.9% from 2.7% in the year-earlier period.

Total revenue fell on an annual basis to 34.9 million lira from 36.1 million lira, and total operating expenses grew 6.2% on an annual basis to 34.5 million lira from 32.5 million lira.

Reported net income came to a loss of 3.7 million lira, or a loss of 6 kurus per share, compared to income of 778,510 lira, or 1 kurus per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.