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Ittifak Holding swings to loss in Q2

Ittifak Holding AS said its second-quarter normalized net income came to a loss of 123,290 lira, compared with income of 1.3 million lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.4% from 0.5% in the year-earlier period.

Total revenue grew on an annual basis to 238.1 million lira from 235.2 million lira, and total operating expenses totaled 231.0 million lira, compared with 231.8 million lira in the year-earlier period.

Reported net income came to 1.1 million lira, or 2 kurus per share, compared to a loss of 647,650 lira, or a loss of 1 kurus per share, in the prior-year period.

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