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Isiklar Enerji ve Yapi Holding swings to profit in Q2

Isiklar Enerji ve Yapi Holding AS said its second-quarter normalized net income amounted to 1.4 million lira, compared with a loss of 3.3 million lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 3.1% from negative 45.4% in the year-earlier period.

Total revenue increased on an annual basis to 43.8 million lira from 7.3 million lira, and total operating expenses increased year over year to 45.4 million lira from 9.2 million lira.

Reported net income totaled 486,930 lira, or 0 kurus per share, compared to a loss of 4.7 million lira, or a loss of 4 kurus per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.