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Vanet Gida swings to loss in H2

Vanet Gida Sanayi Iç Ve Dis TAS said its second-half normalized net income amounted to a loss of 198,320 lira, compared with income of 2.8 million lira in the prior-year period.

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

Total revenue decreased 47.2% year over year to 3.0 million lira from 5.6 million lira, and total operating expenses fell 45.9% on an annual basis to 4.1 million lira from 7.6 million lira.

Reported net income totaled a loss of 187,910 lira, or a loss of 1 kurus per share, compared to income of 4.7 million lira, or 19 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5 kurus per share, compared with 11 kurus per share in the prior year.

Normalized net income was a loss of 1.1 million lira, compared with income of 2.5 million lira in the prior year.

Full-year total revenue declined 51.7% on an annual basis to 4.8 million lira from 10.0 million lira, and total operating expenses declined 41.0% year over year to 8.3 million lira from 14.0 million lira.

The company said reported net income came to a loss of 1.6 million lira, or a loss of 7 kurus per share, in the full year, compared with income of 4.2 million lira, or 19 kurus per share, the prior year.

As of Feb. 25, US$1 was equivalent to 2.93 Turkish lira.