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Vestel Beyaz Esya Sanayi ve Ticaret Q2 profit climbs 30.9% YOY

Vestel Beyaz Esya Sanayi ve Ticaret AS said its second-quarter normalized net income was 21 kurus per share, a gain of 30.9% from 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 39.1 million lira, a gain of 30.9% from 29.8 million lira in the year-earlier period.

The normalized profit margin climbed to 6.3% from 4.9% in the year-earlier period.

Total revenue grew on an annual basis to 621.0 million lira from 606.3 million lira, and total operating expenses decreased on an annual basis to 543.1 million lira from 558.5 million lira.

Reported net income rose 34.2% on an annual basis to 54.6 million lira, or 29 kurus per share, from 40.7 million lira, or 21 kurus per share.

As of July 30, US$1 was equivalent to 2.79 Turkish lira.