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Diriteks Dirilis Tekstil Q2 loss widens YOY

Diriteks Dirilis Tekstil Sanayi ve TAS said its second-quarter normalized net income came to a loss of 12 kurus per share, compared with a loss of 1 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 a loss of 836,620 lira, compared with a loss of 97,940 lira in the prior-year period.

The normalized profit margin declined to negative 126.4% from negative 8.7% in the year-earlier period.

Total revenue fell 41.1% year over year to 662,100 lira from 1.1 million lira, and total operating expenses grew 22.5% year over year to 1.7 million lira from 1.4 million lira.

Reported net income came to a loss of 1.2 million lira, or a loss of 16 kurus per share, compared to a loss of 138,830 lira, or a loss of 2 kurus per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.