Ulusoy Un Sanayi ve Ticaret AS said its normalized net income for the second quarter was 4 kurus per share, a decline of 35.4% from 7 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 3.8 million lira, a decrease of 9.0% from 4.1 million lira in the year-earlier period.

The normalized profit margin dropped to 1.5% from 1.6% in the year-earlier period.

Total revenue rose on an annual basis to 260.1 million lira from 253.6 million lira, and total operating expenses grew from the prior-year period to 252.5 million lira from 246.9 million lira.

Reported net income grew 9.2% from the prior-year period to 5.9 million lira, or 7 kurus per share, from 5.4 million lira, or 9 kurus per share.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.