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Coca-Cola Içecek Anonim Sirketi profit misses consensus by 46.0% in Q2

Coca-Cola Içecek Anonim Sirketi said its normalized net income for the second quarter came to 38 kurus per share, compared with the S&P Capital IQ consensus estimate of 71 kurus per share.

EPS decreased 5.5% year over year from 41 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 98.3 million lira, a decline of 5.2% from 103.7 million lira in the year-earlier period.

The normalized profit margin fell to 4.6% from 5.1% in the year-earlier period.

Total revenue increased on an annual basis to 2.13 billion lira from 2.04 billion lira, and total operating expenses climbed from the prior-year period to 1.81 billion lira from 1.77 billion lira.

Reported net income totaled 148.1 million lira, or 58 kurus per share, compared to 149.2 million lira, or 59 kurus per share, in the year-earlier period.

As of Aug. 16, US$1 was equivalent to 2.93 Turkish lira.