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Sönmez Pamuklu Sanayii AS Q3 profit falls YOY

Sönmez Pamuklu Sanayii AS said its normalized net income for the third quarter was 3 kurus per share, a decline of 40.0% from 4 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 2.1 million lira, a decline of 40.0% from 3.5 million lira in the year-earlier period.

The normalized profit margin declined to 29.2% from 53.9% in the year-earlier period.

Total revenue grew 13.8% on an annual basis to 7.4 million lira from 6.5 million lira, and total operating expenses grew 39.2% on an annual basis to 6.3 million lira from 4.6 million lira.

Reported net income fell 38.2% from the prior-year period to 2.8 million lira, or 4 kurus per share, from 4.6 million lira, or 6 kurus per share.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.