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Birko Birlesik Koyunlulular Mensucat Q3 loss narrows YOY

Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi AS said its normalized net income for the third quarter amounted to a loss of 2 kurus per share, compared with a loss of 7 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 1.2 million lira, compared with a loss of 4.0 million lira in the year-earlier period.

The normalized profit margin increased to negative 5.1% from negative 10.5% in the year-earlier period.

Total revenue fell 35.7% on an annual basis to 24.1 million lira from 37.5 million lira, and total operating expenses fell 41.0% on an annual basis to 23.1 million lira from 39.1 million lira.

Reported net income came to a loss of 1.7 million lira, or a loss of 3 kurus per share, compared to a loss of 5.8 million lira, or a loss of 10 kurus per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.