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Akyürek Pazarlama swings to loss in Q2

Akyürek Tüketim Ürünleri Pazarlama Dagitim ve TAS said its normalized net income for the second quarter amounted to a loss of 4 kurus per share, compared with 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 a loss of 1.9 million lira, compared with income of 1.7 million lira in the prior-year period.

The normalized profit margin dropped to negative 1.2% from 0.9% in the year-earlier period.

Total revenue declined 18.1% on an annual basis to 151.7 million lira from 185.3 million lira, and total operating expenses decreased 16.2% on an annual basis to 151.1 million lira from 180.2 million lira.

Reported net income came to a loss of 1.5 million lira, or a loss of 3 kurus per share, compared to income of 2.0 million lira, or 4 kurus per share, in the year-earlier period.

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