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AVOD swings to loss in Q2

AVOD Kurutulmus Gida ve Tarim Urunleri Sanayi TAS said its second-quarter normalized net income was a loss of 264,420 lira, compared with income of 414,670 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 fell to negative 1.4% from 2.4% in the year-earlier period.

Total revenue rose 13.6% year over year to 19.2 million lira from 16.9 million lira, and total operating expenses increased 5.1% year over year to 17.2 million lira from 16.4 million lira.

Reported net income came to a loss of 394,300 lira, or a loss of 1 kurus per share, compared to income of 520,840 lira, or 2 kurus per share, in the year-earlier period.

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