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Pinar Meat Q2 profit climbs 13.5% YOY

Pinar Entegre Et ve Un Sanayii AS said its normalized net income for the second quarter was 22 kurus per share, an increase of 13.5% from 19 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 9.5 million lira, a gain of 13.5% from 8.4 million lira in the year-earlier period.

The normalized profit margin climbed to 6.5% from 6.2% in the year-earlier period.

Total revenue grew 7.2% on an annual basis to 146.3 million lira from 136.5 million lira, and total operating expenses climbed 6.7% from the prior-year period to 137.0 million lira from 128.3 million lira.

Reported net income rose 11.8% on an annual basis to 13.6 million lira, or 31 kurus per share, from 12.1 million lira, or 28 kurus per share.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.