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Pinar Water Q2 loss widens YOY

Pinar Su Sanayi ve Ticaret A.S. said its second-quarter normalized net income amounted to a loss of 43 kurus per share, compared with a loss of 11 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 a loss of 1.4 million lira in the year-earlier period.

The normalized profit margin declined to negative 9.4% from negative 3.7% in the year-earlier period.

Total revenue grew 19.4% on an annual basis to 44.7 million lira from 37.5 million lira, and total operating expenses increased 31.1% year over year to 51.3 million lira from 39.1 million lira.

Reported net income totaled a loss of 9.5 million lira, or a loss of 74 kurus per share, compared to a loss of 2.1 million lira, or a loss of 17 kurus per share, in the prior-year period.

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