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Söktas Tekstil swings to loss in Q2

Söktas Tekstil Sanayi Ve Ticaret AS said its normalized net income for the second quarter amounted to a loss of 21 kurus per share, compared with 16 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.5 million lira, compared with income of 5.1 million lira in the year-earlier period.

The normalized profit margin fell to negative 10.4% from 8.3% in the year-earlier period.

Total revenue rose year over year to 62.5 million lira from 61.3 million lira, and total operating expenses grew 5.5% on an annual basis to 57.2 million lira from 54.2 million lira.

Reported net income totaled a loss of 7.8 million lira, or a loss of 25 kurus per share, compared to income of 7.9 million lira, or 25 kurus per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.