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Arsan Tekstil Q3 loss widens 39.2% YOY

Arsan Tekstil Ticaret ve Sanayi AS said its normalized net income for the third quarter amounted to a loss of 2 kurus per share, compared with a loss of 1 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.0 million lira, compared with a loss of 720,220 lira in the year-earlier period.

The normalized profit margin fell to negative 3.0% from negative 2.1% in the year-earlier period.

Total revenue fell year over year to 33.2 million lira from 34.8 million lira, and total operating expenses rose 24.0% from the prior-year period to 35.5 million lira from 28.7 million lira.

Reported net income totaled a loss of 2.0 million lira, or a loss of 3 kurus per share, compared to a loss of 1.5 million lira, or a loss of 2 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.