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Söktas Tekstil Q3 loss widens YOY

Söktas Tekstil Sanayi Ve Ticaret AS said its third-quarter normalized net income amounted to a loss of 59 kurus per share, compared with a loss of 20 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 18.8 million lira, compared with a loss of 6.5 million lira in the year-earlier period.

The normalized profit margin fell to negative 38.1% from negative 12.8% in the year-earlier period.

Total revenue declined year over year to 49.3 million lira from 50.3 million lira, and total operating expenses decreased on an annual basis to 51.0 million lira from 52.5 million lira.

Reported net income came to a loss of 23.0 million lira, or a loss of 73 kurus per share, compared to a loss of 6.4 million lira, or a loss of 20 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 2.92 Turkish lira.