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Bosch Fren Sistemleri Q2 profit falls YOY

Bosch Fren Sistemleri Sanayi ve Ticaret AS said its second-quarter normalized net income was 99 kurus per share, a decline of 19.7% from 1.23 lira per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.5 million lira, a decline of 19.7% from 3.1 million lira in the prior-year period.

The normalized profit margin declined to 11.4% from 12.8% in the year-earlier period.

Total revenue fell 9.3% on an annual basis to 21.9 million lira from 24.1 million lira, and total operating expenses increased from the prior-year period to 18.9 million lira from 18.5 million lira.

Reported net income declined 33.8% from the prior-year period to 3.2 million lira, or 1.28 lira per share, from 4.8 million lira, or 1.93 lira per share.

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