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Kipa Ticaret fiscal Q2 loss widens 89.9% YOY

Kipa Ticaret AS said its normalized net income for the fiscal second quarter ended Aug. 30 came to a loss of 3 kurus per share, compared with a loss of 2 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 45.0 million lira, compared with a loss of 23.7 million lira in the prior-year period.

Total revenue grew 7.6% on an annual basis to 619.4 million lira from 575.6 million lira, and total operating expenses rose 13.7% year over year to 682.4 million lira from 600.1 million lira.

Reported net income totaled a loss of 77.0 million lira, or a loss of 6 kurus per share, compared to a loss of 41.2 million lira, or a loss of 3 kurus per share, in the year-earlier period.

As of Oct. 12, US$1 was equivalent to 2.92 Turkish lira.