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Sönmez Pamuklu Sanayii AS Q2 profit falls YOY

Sönmez Pamuklu Sanayii AS said its second-quarter normalized net income came to 2 kurus per share, a decline of 19.3% from 3 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 1.8 million lira, a decrease of 19.3% from 2.2 million lira in the prior-year period.

The normalized profit margin declined to 18.6% from 30.6% in the year-earlier period.

Total revenue grew 33.3% year over year to 9.8 million lira from 7.3 million lira, and total operating expenses climbed 44.9% year over year to 8.7 million lira from 6.0 million lira.

Reported net income decreased 17.3% year over year to 2.5 million lira, or 3 kurus per share, from 3.1 million lira, or 4 kurus per share.

As of Aug. 9, US$1 was equivalent to 2.97 Turkish lira.