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Migros Ticaret swings to loss in Q2

Migros Ticaret AS said its second-quarter normalized net income amounted to a loss of 34 kurus per share, compared with the S&P Capital IQ consensus estimate of 17 kurus per share.

The per-share result swung to a loss from the prior-year profit of 38 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 59.9 million lira, compared with income of 67.8 million lira in the prior-year period.

The normalized profit margin dropped to negative 2.6% from 3.5% in the year-earlier period.

Total revenue climbed 16.8% year over year to 2.30 billion lira from 1.97 billion lira, and total operating expenses increased 17.0% from the prior-year period to 2.22 billion lira from 1.90 billion lira.

Reported net income came to a loss of 118.8 million lira, or a loss of 67 kurus per share, compared to income of 100.8 million lira, or 57 kurus per share, in the year-earlier period.

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