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Dogtas Kelebek Mobilya swings to loss in Q2

Dogtas Kelebek Mobilya Sanayi ve Ticaret AS said its second-quarter normalized net income was a loss of 2 kurus per share, compared with 1 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 3.6 million lira, compared with income of 2.4 million lira in the year-earlier period.

The normalized profit margin dropped to negative 3.9% from 2.9% in the year-earlier period.

Total revenue grew 12.0% on an annual basis to 93.3 million lira from 83.3 million lira, and total operating expenses increased 8.2% on an annual basis to 86.2 million lira from 79.7 million lira.

Reported net income totaled a loss of 4.7 million lira, or a loss of 2 kurus per share, compared to income of 3.8 million lira, or 2 kurus per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.