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Desa Q3 loss narrows YOY

Desa Deri Sanayi ve Ticaret A.S. said its third-quarter normalized net income came to a loss of 6 kurus per share, compared with a loss of 7 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 2.9 million lira, compared with a loss of 3.4 million lira in the prior-year period.

The normalized profit margin declined to negative 7.8% from negative 6.8% in the year-earlier period.

Total revenue decreased 25.0% on an annual basis to 37.1 million lira from 49.4 million lira, and total operating expenses decreased 15.7% from the prior-year period to 38.7 million lira from 45.9 million lira.

Reported net income totaled a loss of 4.5 million lira, or a loss of 9 kurus per share, compared to a loss of 5.3 million lira, or a loss of 11 kurus per share, in the year-earlier period.

As of Nov. 8, US$1 was equivalent to 3.18 Turkish lira.