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Frigo-Pak Gida Maddeleri Q2 loss widens YOY

Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS said its second-quarter normalized net income was a loss of 16 kurus per share, compared with a loss of 6 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 810,930 lira, compared with a loss of 311,680 lira in the prior-year period.

The normalized profit margin dropped to negative 10.1% from negative 5.1% in the year-earlier period.

Total revenue grew 30.6% on an annual basis to 8.0 million lira from 6.2 million lira, and total operating expenses rose 17.9% from the prior-year period to 7.8 million lira from 6.6 million lira.

Reported net income came to a loss of 1.3 million lira, or a loss of 27 kurus per share, compared to a loss of 469,730 lira, or a loss of 9 kurus per share, in the year-earlier period.

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