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Pinar Water Q2 loss widens YOY

Pinar Su Sanayi ve Ticaret AS said its second-quarter normalized net income was a loss of 1.4 million lira, compared with a loss of 45,740 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 3.7% from negative 0.1% in the year-earlier period.

Total revenue increased 5.6% year over year to 37.5 million lira from 35.5 million lira, and total operating expenses grew 11.2% year over year to 39.1 million lira from 35.2 million lira.

Reported net income came to a loss of 2.1 million lira, or a loss of 17 kurus per share, compared to income of 135,730 lira, or 1 kurus per share, in the year-earlier period.

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