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Lüks Kadife Ticaret ve Sanayi swings to loss in Q2

Lüks Kadife Ticaret ve Sanayi A.S. said its normalized net income for the second quarter came to a loss of 3 kurus per share, compared with 1 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 264,500 lira, compared with income of 106,490 lira in the year-earlier period.

The normalized profit margin declined to negative 2.7% from 1.1% in the year-earlier period.

Total revenue fell 19.1% on an annual basis to 7.5 million lira from 9.3 million lira, and total operating expenses climbed on an annual basis to 7.9 million lira from 7.7 million lira.

Reported net income totaled a loss of 244,220 lira, or a loss of 2 kurus per share, compared to income of 344,490 lira, or 3 kurus per share, in the prior-year period.

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