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Kent Gida Maddeleri Q2 profit climbs 68.9% YOY

Kent Gida Maddeleri Sanayii ve Ticaret AS said its second-quarter normalized net income was 73 kurus per share, an increase of 68.9% from 43 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 21.3 million lira, an increase of 68.9% from 12.6 million lira in the prior-year period.

The normalized profit margin increased to 11.2% from 6.4% in the year-earlier period.

Total revenue fell on an annual basis to 189.7 million lira from 197.0 million lira, and total operating expenses fell 13.1% on an annual basis to 152.8 million lira from 175.8 million lira.

Reported net income increased 32.8% on an annual basis to 22.9 million lira, or 79 kurus per share, from 17.2 million lira, or 59 kurus per share.

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