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Ersu Q2 profit climbs YOY

Ersu Meyve ve Gida Sanayii AS said its normalized net income for the second quarter amounted to 1.3 million lira, a gain from 53,840 lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 36.2% from 0.8% in the year-earlier period.

Total revenue decreased 41.9% year over year to 3.7 million lira from 6.4 million lira, and total operating expenses decreased 76.8% on an annual basis to 1.6 million lira from 6.8 million lira.

Reported net income totaled 1.2 million lira, compared with 88,260 lira, or 0 kurus per share, in the year-earlier period.

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