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Utopya Turizm Insaat swings to loss in Q2

Utopya Turizm Insaat Isletmecilik Ticaret AS said its second-quarter normalized net income amounted to a loss of 22 kurus per share, compared with 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 a loss of 5.5 million lira, compared with income of 817,670 lira in the year-earlier period.

The normalized profit margin fell to negative 47.5% from 6.9% in the year-earlier period.

Total revenue declined year over year to 11.3 million lira from 11.8 million lira, and total operating expenses climbed 22.4% from the prior-year period to 13.9 million lira from 11.4 million lira.

Reported net income totaled a loss of 8.9 million lira, or a loss of 36 kurus per share, compared to income of 1.6 million lira, or 6 kurus per share, in the year-earlier period.

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