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Vestel Elektronik Q2 profit climbs YOY

Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi said its second-quarter normalized net income came to 12 kurus per share, an increase from 6 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 39.2 million lira, a gain from 19.3 million lira in the year-earlier period.

The normalized profit margin rose to 1.6% from 1.0% in the year-earlier period.

Total revenue increased 24.3% year over year to 2.40 billion lira from 1.93 billion lira, and total operating expenses rose 26.4% on an annual basis to 2.28 billion lira from 1.80 billion lira.

Reported net income rose 65.1% year over year to 68.9 million lira, or 21 kurus per share, from 41.7 million lira, or 12 kurus per share.

As of Aug. 12, US$1 was equivalent to 2.95 Turkish lira.