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Selçuk Gida Endüstri Ihracat Ithalat swings to loss in Q2

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Selçuk Gida Endüstri Ihracat Ithalat swings to loss in Q2

Selçuk Gida Endüstri Ihracat Ithalat AS said its normalized net income for the second quarter came to a loss of 1 kurus per share, compared with 4 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 262,900 lira, compared with income of 851,680 lira in the prior-year period.

The normalized profit margin fell to negative 19.1% from 39.8% in the year-earlier period.

Total revenue decreased 34.0% on an annual basis to 1.4 million lira from 2.1 million lira, and total operating expenses declined 25.9% year over year to 1.9 million lira from 2.5 million lira.

Reported net income came to a loss of 390,470 lira, or a loss of 2 kurus per share, compared to income of 1.3 million lira, or 6 kurus per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 2.93 Turkish lira.