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Selçuk Gida Endüstri Ihracat Ithalat swings to profit in Q2

Selçuk Gida Endüstri Ihracat Ithalat AS said its normalized net income for the second quarter was 851,680 lira, compared with a loss of 121,930 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 increased to 39.8% from negative 4.2% in the year-earlier period.

Total revenue declined 26.6% on an annual basis to 2.1 million lira from 2.9 million lira, and total operating expenses decreased 23.1% from the prior-year period to 2.5 million lira from 3.3 million lira.

Reported net income totaled 1.3 million lira, or 6 kurus per share, compared to a loss of 170,000 lira, or a loss of 1 kurus per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.