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Arcelik AS profit misses consensus by 25.7% in Q3

Arçelik Anonim Sirketi said its third-quarter normalized net income was 26 kurus per share, compared with the S&P Capital IQ consensus estimate of 35 kurus per share.

EPS rose 17.7% year over year from 22 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 175.8 million lira, an increase of 17.6% from 149.4 million lira in the year-earlier period.

The normalized profit margin rose to 4.3% from 3.9% in the year-earlier period.

Total revenue climbed 5.3% year over year to 4.08 billion lira from 3.88 billion lira, and total operating expenses grew year over year to 3.71 billion lira from 3.55 billion lira.

Reported net income grew 23.8% year over year to 262.8 million lira, or 39 kurus per share, from 212.4 million lira, or 31 kurus per share.

As of Oct. 21, US$1 was equivalent to 3.08 Turkish lira.