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Vakko swings to profit in Q2

Vakko Tekstil Ve Hazir Giyim Sanayi Isletmeleri AS said its second-quarter normalized net income was 2 kurus per share, compared with a loss of 2 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 2.5 million lira, compared with a loss of 3.6 million lira in the prior-year period.

The normalized profit margin rose to 2.0% from negative 4.2% in the year-earlier period.

Total revenue climbed 18.6% on an annual basis to 101.7 million lira from 85.8 million lira, and total operating expenses increased 12.4% from the prior-year period to 94.1 million lira from 83.7 million lira.

Reported net income came to 3.3 million lira, or 2 kurus per share, compared to a loss of 4.7 million lira, or a loss of 3 kurus per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.