Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi AS said its second-quarter normalized net income was a loss of 5 kurus per share, compared with a loss of 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 3.1 million lira, compared with a loss of 2.7 million lira in the year-earlier period.

The normalized profit margin dropped to negative 12.1% from negative 7.9% in the year-earlier period.

Total revenue fell 26.5% on an annual basis to 25.7 million lira from 34.9 million lira, and total operating expenses fell 21.4% on an annual basis to 27.2 million lira from 34.5 million lira.

Reported net income totaled a loss of 4.8 million lira, or a loss of 8 kurus per share, compared to a loss of 3.7 million lira, or a loss of 6 kurus per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 2.93 Turkish lira.