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Akin Tekstil Q2 profit climbs YOY

Akin Tekstil AS said its second-quarter normalized net income amounted to 513,370 lira, a rise from 211,880 lira in the prior-year period.

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

The normalized profit margin climbed to 1.2% from 0.6% in the year-earlier period.

Total revenue rose 14.8% year over year to 42.7 million lira from 37.2 million lira, and total operating expenses grew 18.0% year over year to 42.6 million lira from 36.1 million lira.

Reported net income fell 39.7% from the prior-year period to 1.6 million lira, or 6 kurus per share, from 2.6 million lira, or 10 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.