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Ihlas Home Appliances swings to loss in Q2

Ihlas Ev Aletleri Imalat Sanayi ve Ticaret AS said its normalized net income for the second quarter was a loss of 3.0 million lira, compared with income of 1.3 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 declined to negative 8.9% from 4.1% in the year-earlier period.

Total revenue decreased 25.8% year over year to 23.8 million lira from 32.1 million lira, and total operating expenses declined 12.3% on an annual basis to 29.4 million lira from 33.5 million lira.

Reported net income totaled a loss of 2.4 million lira, or a loss of 1 kurus per share, compared to income of 1.9 million lira, or 1 kurus per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.