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Hateks Q2 profit falls YOY

Hateks Hatay Tekstil Isletmeleri AS said its normalized net income for the second quarter amounted to 141,480 lira, a decline of 78.4% from 654,790 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 fell to 0.5% from 2.2% in the year-earlier period.

Total revenue fell year over year to 28.7 million lira from 30.0 million lira, and total operating expenses decreased 5.5% from the prior-year period to 27.9 million lira from 29.5 million lira.

Reported net income rose 14.1% on an annual basis to 430,040 lira, or 2 kurus per share, from 376,810 lira, or 2 kurus per share.

As of Aug. 18, US$1 was equivalent to 2.93 Turkish lira.