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Dagi Giyim Sanayi ve Ticaret swings to loss in Q3

Dagi Giyim Sanayi ve Ticaret AS said its third-quarter normalized net income came to a loss of 234,230 lira, compared with income of 100,990 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 declined to negative 1.4% from 0.5% in the year-earlier period.

Total revenue decreased 13.0% on an annual basis to 17.2 million lira from 19.7 million lira, and total operating expenses decreased 5.6% year over year to 14.7 million lira from 15.6 million lira.

Reported net income totaled a loss of 295,340 lira, or a loss of 1 kurus per share, compared to income of 164,660 lira, or 0 kurus per share, in the year-earlier period.

As of Oct. 31, US$1 was equivalent to 3.10 Turkish lira.