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Pinar Water swings to loss in Q3

Pinar Su Sanayi ve Ticaret A.S. said its third-quarter normalized net income came to a loss of 7 kurus per share, compared with 2 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 3.3 million lira, compared with income of 242,920 lira in the prior-year period.

The normalized profit margin dropped to negative 4.1% from 0.5% in the year-earlier period.

Total revenue grew 6.1% year over year to 51.3 million lira from 48.4 million lira, and total operating expenses climbed 13.5% on an annual basis to 52.9 million lira from 46.6 million lira.

Reported net income totaled a loss of 5.1 million lira, or a loss of 11 kurus per share, compared to income of 534,300 lira, or 4 kurus per share, in the prior-year period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.