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Menderes Tekstil Q3 loss widens YOY

Menderes Tekstil Sanayi ve Ticaret AS said its third-quarter normalized net income was a loss of 10 kurus per share, compared with a loss of 2 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 a loss of 24.9 million lira, compared with a loss of 5.5 million lira in the prior-year period.

The normalized profit margin fell to negative 11.9% from negative 2.9% in the year-earlier period.

Total revenue grew 8.6% on an annual basis to 208.1 million lira from 191.7 million lira, and total operating expenses increased year over year to 196.9 million lira from 193.6 million lira.

Reported net income came to a loss of 31.3 million lira, or a loss of 13 kurus per share, compared to a loss of 7.4 million lira, or a loss of 3 kurus per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 2.92 Turkish lira.