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Söktas Tekstil Q2 loss narrows YOY

Söktas Tekstil Sanayi Ve Ticaret AS said its normalized net income for the second quarter amounted to a loss of 9 kurus per share, compared with a loss of 21 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 2.8 million lira, compared with a loss of 6.5 million lira in the year-earlier period.

The normalized profit margin rose to negative 4.3% from negative 10.4% in the year-earlier period.

Total revenue grew on an annual basis to 65.4 million lira from 62.5 million lira, and total operating expenses climbed 9.1% year over year to 62.5 million lira from 57.2 million lira.

Reported net income came to a loss of 3.2 million lira, or a loss of 10 kurus per share, compared to a loss of 7.8 million lira, or a loss of 25 kurus per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.