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Esem Spor Giyim swings to loss in Q2

Esem Spor Giyim Sanayi Ve Ticaret AS said its second-quarter normalized net income came to 26,990 lira, compared with income of 129,890 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 fell to negative 0.3% from 2.5% in the year-earlier period.

Total revenue grew 58.7% on an annual basis to 8.3 million lira from 5.2 million lira, and total operating expenses grew 54.5% on an annual basis to 8.2 million lira from 5.3 million lira.

Reported net income totaled a loss of 29,820 lira, compared with income of 170,870 lira in the year-earlier period.

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