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Kütahya Porselen Sanayi Q2 profit falls YOY

Kütahya Porselen Sanayi AS said its normalized net income for the second quarter was 12 kurus per share, a decline of 27.9% from 17 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.0 million lira, a decline of 27.9% from 6.9 million lira in the prior-year period.

The normalized profit margin declined to 7.3% from 9.1% in the year-earlier period.

Total revenue declined 10.0% year over year to 67.9 million lira from 75.4 million lira, and total operating expenses decreased from the prior-year period to 62.3 million lira from 64.9 million lira.

Reported net income decreased 29.7% from the prior-year period to 6.5 million lira, or 16 kurus per share, from 9.3 million lira, or 23 kurus per share.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.