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Konfrut Gida Sanayi ve Ticaret Q2 profit falls YOY

Konfrut Gida Sanayi ve Ticaret AS said its second-quarter normalized net income came to 12 kurus per share, a decrease of 74.0% from 46 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 789,510 lira, a decline of 74.0% from 3.0 million lira in the prior-year period.

The normalized profit margin dropped to 6.8% from 14.2% in the year-earlier period.

Total revenue decreased 45.5% on an annual basis to 11.6 million lira from 21.3 million lira, and total operating expenses decreased 36.0% on an annual basis to 10.6 million lira from 16.6 million lira.

Reported net income declined 74.6% on an annual basis to 983,850 lira, or 15 kurus per share, from 3.9 million lira, or 59 kurus per share.

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