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Karsu Tekstil swings to loss in Q2

Karsu Tekstil Sanayii ve Ticaret AS said its normalized net income for the second quarter was a loss of 7 kurus per share, compared with 1 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 a loss of 2.4 million lira, compared with income of 395,040 lira in the prior-year period.

The normalized profit margin fell to negative 7.8% from 1.7% in the year-earlier period.

Total revenue climbed 33.7% on an annual basis to 30.9 million lira from 23.1 million lira, and total operating expenses climbed 43.5% on an annual basis to 27.1 million lira from 18.9 million lira.

Reported net income totaled a loss of 3.8 million lira, or a loss of 11 kurus per share, compared to income of 662,250 lira, or 2 kurus per share, in the prior-year period.

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