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Yunsa Yunlu swings to loss in Q3

Yünsa Yünlü Sanayi ve Ticaret A.S. said its normalized net income for the third quarter was a loss of 21 kurus per share, compared with 3 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 6.0 million lira, compared with income of 947,460 lira in the prior-year period.

The normalized profit margin dropped to negative 10.6% from 1.3% in the year-earlier period.

Total revenue declined 22.4% on an annual basis to 56.5 million lira from 72.8 million lira, and total operating expenses decreased 7.0% year over year to 62.5 million lira from 67.2 million lira.

Reported net income totaled a loss of 8.9 million lira, or a loss of 31 kurus per share, compared to income of 1.6 million lira, or 6 kurus per share, in the prior-year period.

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