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Izmir Firça swings to loss in Q3

Izmir Firça Sanayi ve Ticaret AS said its normalized net income for the third quarter was a loss of 127,900 lira, compared with income of 47,520 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 3.1% from 1.5% in the year-earlier period.

Total revenue rose 26.3% on an annual basis to 4.1 million lira from 3.3 million lira, and total operating expenses rose 26.8% year over year to 4.1 million lira from 3.2 million lira.

Reported net income totaled a loss of 210,320 lira, or a loss of 1 kurus per share, compared to income of 149,420 lira, or 1 kurus per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 2.87 Turkish lira.