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Frigo-Pak Gida Maddeleri Q3 loss narrows YOY

Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS said its third-quarter normalized net income came to a loss of 12,750 lira, compared with a loss of 1.1 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 rose to negative 0.3% from negative 14.8% in the year-earlier period.

Total revenue declined 36.1% year over year to 4.8 million lira from 7.5 million lira, and total operating expenses fell 41.5% from the prior-year period to 4.5 million lira from 7.7 million lira.

Reported net income came to a loss of 37,340 lira, or a loss of 1 kurus per share, compared to a loss of 1.7 million lira, or a loss of 34 kurus per share, in the prior-year period.

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