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Tek-Art Turizm swings to loss in Q2

Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar AS said its normalized net income for the second quarter amounted to a loss of 849,360 lira, compared with income of 1.0 million 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 declined to negative 167.5% from 17.3% in the year-earlier period.

Total revenue fell 91.4% year over year to 506,990 lira from 5.9 million lira, and total operating expenses decreased 53.0% year over year to 2.1 million lira from 4.5 million lira.

Reported net income totaled a loss of 1.1 million lira, or a loss of 1 kurus per share, compared to income of 1.2 million lira, or 1 kurus per share, in the year-earlier period.

As of Aug. 9, US$1 was equivalent to 2.97 Turkish lira.