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Silverline Endustri Q2 profit climbs 79.8% YOY

Silverline Endustri ve Ticaret AS said its second-quarter normalized net income came to 6 kurus per share, an increase of 79.8% from 3 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 1.8 million lira, a gain of 79.8% from 1.0 million lira in the prior-year period.

The normalized profit margin increased to 4.3% from 2.9% in the year-earlier period.

Total revenue climbed 22.2% year over year to 42.2 million lira from 34.6 million lira, and total operating expenses increased 18.6% year over year to 38.6 million lira from 32.6 million lira.

Reported net income increased 98.6% on an annual basis to 2.6 million lira, or 9 kurus per share, from 1.3 million lira, or 5 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.