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Migros Ticaret swings to loss in Q3

Migros Ticaret AS said its third-quarter normalized net income amounted to a loss of 77 kurus per share, compared with the S&P Capital IQ consensus estimate of a loss of 69 kurus per share.

The per-share result swung to a loss from the prior-year profit of 23 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 137.3 million lira, compared with income of 40.6 million lira in the prior-year period.

The normalized profit margin declined to negative 5.2% from 1.8% in the year-earlier period.

Total revenue increased 15.2% on an annual basis to 2.64 billion lira from 2.29 billion lira, and total operating expenses climbed 14.7% on an annual basis to 2.50 billion lira from 2.18 billion lira.

Reported net income totaled a loss of 341.7 million lira, or a loss of 1.92 lira per share, compared to income of 33.4 million lira, or 19 kurus per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 2.92 Turkish lira.