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Selçuk Gida Endüstri Ihracat Ithalat swings to loss in Q3

Selçuk Gida Endüstri Ihracat Ithalat AS said its third-quarter normalized net income amounted to a loss of 407,320 lira, compared with income of 54,980 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 144.2% from 1.6% in the year-earlier period.

Total revenue declined 91.7% year over year to 282,540 lira from 3.4 million lira, and total operating expenses declined 76.9% from the prior-year period to 803,770 lira from 3.5 million lira.

Reported net income came to a loss of 678,180 lira, or a loss of 3 kurus per share, compared to a loss of 135,800 lira, or a loss of 1 kurus per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 2.84 Turkish lira.