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Isbir Holding swings to loss in H1

Isbir Holding AS said its first-half normalized net income was a loss of 21 kurus per share, compared with 68.08 lira 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 132,370 lira, compared with income of 43.2 million lira in the prior-year period.

Total revenue grew 16.8% on an annual basis to 201.0 million lira from 172.1 million lira, and total operating expenses rose year over year to 183.4 million lira from 80.9 million lira.

Reported net income declined 49.6% year over year to 37.5 million lira, or 59.07 lira per share, from 74.4 million lira, or 117.16 lira per share.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.