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Bilici Yatirim swings to loss in Q2

Bilici Yatirim Sanayi ve Ticaret A.S. said its second-quarter normalized net income came to a loss of 6 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 2.9 million lira, compared with income of 771,180 lira in the year-earlier period.

The normalized profit margin dropped to negative 14.9% from 3.3% in the year-earlier period.

Total revenue decreased 18.2% year over year to 19.1 million lira from 23.4 million lira, and total operating expenses decreased 10.3% from the prior-year period to 15.7 million lira from 17.4 million lira.

Reported net income increased on an annual basis to 2.0 million lira, or 5 kurus per share, from 866,100 lira, or 2 kurus per share.

As of Aug. 17, US$1 was equivalent to 2.93 Turkish lira.