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Tukas Gida Sanayi ve Ticaret swings to profit in Q3

Tukas Gida Sanayi ve Ticaret AS said its normalized net income for the third quarter came to 6.0 million lira, compared with a loss of 421,360 lira in the year-earlier period.

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

The normalized profit margin climbed to 10.8% from negative 1.2% in the year-earlier period.

Total revenue rose 59.1% year over year to 55.7 million lira from 35.0 million lira, and total operating expenses climbed 60.5% from the prior-year period to 47.0 million lira from 29.3 million lira.

Reported net income totaled 8.5 million lira, or 3 kurus per share, compared to a loss of 964,150 lira, or a loss of 0 kurus per share, in the prior-year period.

As of Nov. 3, US$1 was equivalent to 3.12 Turkish lira.