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Merko Gida Q2 profit falls YOY

Merko Gida Sanayi ve Ticaret A.S. said its second-quarter normalized net income came to 2 kurus per share, a decline of 14.6% from 2 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 421,470 lira, a decrease of 14.6% from 493,370 lira in the prior-year period.

The normalized profit margin dropped to 1.3% from 2.3% in the year-earlier period.

Total revenue climbed 47.4% on an annual basis to 31.7 million lira from 21.5 million lira, and total operating expenses increased 50.1% year over year to 30.7 million lira from 20.4 million lira.

Reported net income decreased 32.5% year over year to 535,800 lira, or 2 kurus per share, from 794,090 lira, or 3 kurus per share.

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