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Oylum Sinai Yatirimlar Q2 loss narrows YOY

Oylum Sinai Yatirimlar AS said its second-quarter normalized net income amounted to a loss of 21,150 lira, compared with a loss of 125,800 lira in the year-earlier period.

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

The normalized profit margin increased to negative 0.4% from negative 3.4% in the year-earlier period.

Total revenue grew 41.9% on an annual basis to 5.2 million lira from 3.7 million lira, and total operating expenses increased 33.6% from the prior-year period to 5.1 million lira from 3.8 million lira.

Reported net income totaled 9,740 lira, or 0 kurus per share, compared to a loss of 98,100 lira, or a loss of 1 kurus per share, in the year-earlier period.

As of Aug. 9, US$1 was equivalent to 2.97 Turkish lira.