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Ersu Q3 loss widens YOY

Ersu Meyve ve Gida Sanayii AS said its normalized net income for the third quarter amounted to 208,230 lira, compared with a loss of 26,590 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 4.9% from negative 1.1% in the year-earlier period.

Total revenue fell 42.2% year over year to 1.3 million lira from 2.3 million lira, and total operating expenses declined 29.4% year over year to 1.7 million lira from 2.4 million lira.

Reported net income totaled a loss of 358,480 lira, compared with a loss of 14,810 lira in the prior-year period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.