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Bossa swings to loss in Q3

Bossa Ticaret ve Sanayi Isletmeleri T. AS said its third-quarter normalized net income was a loss of 715,760 lira, compared with income of 2.6 million 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 dropped to negative 1.0% from 3.0% in the year-earlier period.

Total revenue declined 14.8% year over year to 73.0 million lira from 85.7 million lira, and total operating expenses decreased 5.3% from the prior-year period to 71.3 million lira from 75.3 million lira.

Reported net income came to a loss of 907,170 lira, or a loss of 1 kurus per share, compared to income of 4.5 million lira, or 4 kurus per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 3.26 Turkish lira.