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Altinyag Combine Q2 profit falls YOY

Altinyag Combine Inc. said its second-quarter normalized net income amounted to 1 kurus per share, a decrease of 49.1% from 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 646,870 lira, a decrease of 49.1% from 1.3 million lira in the prior-year period.

The normalized profit margin dropped to 2.3% from 5.8% in the year-earlier period.

Total revenue rose 30.6% year over year to 28.6 million lira from 21.9 million lira, and total operating expenses increased 27.2% on an annual basis to 26.4 million lira from 20.7 million lira.

Reported net income declined 72.6% year over year to 527,520 lira, or 1 kurus per share, from 1.9 million lira, or 3 kurus per share.

As of Aug. 10, US$1 was equivalent to 2.96 Turkish lira.