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Altinyag Combine Q3 loss narrows YOY

Altinyag Combine Inc. said its normalized net income for the third quarter amounted to a loss of 2 kurus per share, compared with a loss of 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 a loss of 964,740 lira, compared with a loss of 3.7 million lira in the year-earlier period.

The normalized profit margin climbed to negative 6.7% from negative 18.1% in the year-earlier period.

Total revenue declined 30.8% year over year to 14.3 million lira from 20.7 million lira, and total operating expenses declined 31.9% year over year to 13.8 million lira from 20.3 million lira.

Reported net income came to a loss of 1.4 million lira, or a loss of 2 kurus per share, compared to a loss of 4.3 million lira, or a loss of 7 kurus per share, in the prior-year period.

As of Nov. 3, US$1 was equivalent to 3.12 Turkish lira.