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Viking Pulp & Paper swings to loss in Q2

Viking Kagit ve Selüloz AS said its normalized net income for the second quarter amounted to a loss of 34 kurus per share, compared with 7 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.0 million lira, compared with income of 847,120 lira in the year-earlier period.

The normalized profit margin fell to negative 11.5% from 2.7% in the year-earlier period.

Total revenue climbed 10.1% year over year to 34.8 million lira from 31.6 million lira, and total operating expenses climbed 10.4% year over year to 34.9 million lira from 31.6 million lira.

Reported net income totaled a loss of 6.3 million lira, or a loss of 54 kurus per share, compared to income of 857,010 lira, or 7 kurus per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.