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Sönmez Pamuklu Sanayii AS swings to profit in Q2

Sönmez Pamuklu Sanayii AS said its second-quarter normalized net income amounted to 2.2 million lira, compared with a loss of 299,000 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 rose to 30.6% from negative 4.3% in the year-earlier period.

Total revenue increased year over year to 7.3 million lira from 7.0 million lira, and total operating expenses decreased 31.1% on an annual basis to 6.0 million lira from 8.7 million lira.

Reported net income came to 3.1 million lira, or 4 kurus per share, compared to a loss of 405,920 lira, or a loss of 1 kurus per share, in the year-earlier period.

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