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Balatacilar Balatacilik H2 loss narrows YOY

Balatacilar Balatacilik Sanayi Ve TAS said its normalized net income for the second half was a loss of 3 kurus per share, compared with a loss of 4 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 405,220 lira, compared with a loss of 426,310 lira in the year-earlier period.

Total revenue grew 30.5% year over year to 8.4 million lira from 6.5 million lira, and total operating expenses climbed 12.9% on an annual basis to 7.6 million lira from 6.7 million lira.

Reported net income totaled a loss of 682,790 lira, or a loss of 5 kurus per share, compared to a loss of 890,770 lira, or a loss of 9 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5 kurus per share, compared with a loss of 10 kurus per share in the prior year.

Normalized net income was a loss of 606,110 lira, compared with a loss of 976,630 lira in the prior year.

Full-year total revenue increased 32.1% on an annual basis to 17.3 million lira from 13.1 million lira, and total operating expenses increased 14.4% year over year to 15.5 million lira from 13.6 million lira.

The company said reported net income totaled a loss of 855,850 lira, or a loss of 7 kurus per share, in the full year, compared with a loss of 1.8 million lira, or a loss of 18 kurus per share, the prior year.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.