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Bilici Yatirim swings to profit in Q2

Bilici Yatirim Sanayi ve Ticaret A.S. said its second-quarter normalized net income was 771,180 lira, compared with a loss of 353,660 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.3% from negative 1.8% in the year-earlier period.

Total revenue increased 17.8% on an annual basis to 23.4 million lira from 19.8 million lira, and total operating expenses climbed year over year to 17.4 million lira from 17.1 million lira.

Reported net income declined 61.4% on an annual basis to 866,100 lira, or 2 kurus per share, from 2.2 million lira, or 5 kurus per share.

As of Aug. 17, US$1 was equivalent to 2.86 Turkish lira.