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Ulaslar Turizm swings to loss in Q2

Ulaslar Turizm Yatirimlari ve Dayanikli Tüketim Mallari Ticaret Pazarlama AS said its second-quarter normalized net income amounted to a loss of 10 kurus per share, compared with 1 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.1 million lira, compared with income of 133,670 lira in the year-earlier period.

The normalized profit margin declined to negative 152.6% from 8.6% in the year-earlier period.

Total revenue fell 52.7% on an annual basis to 733,860 lira from 1.6 million lira, and total operating expenses increased 26.2% year over year to 1.9 million lira from 1.5 million lira.

Reported net income came to a loss of 1.8 million lira, or a loss of 16 kurus per share, compared to income of 222,410 lira, or 2 kurus per share, in the year-earlier period.

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