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Akin Tekstil swings to loss in Q3

Akin Tekstil AS said its normalized net income for the third quarter came to a loss of 2 kurus per share, compared with 5 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 429,980 lira, compared with income of 1.3 million lira in the prior-year period.

The normalized profit margin fell to negative 1.1% from 3.4% in the year-earlier period.

Total revenue increased on an annual basis to 40.3 million lira from 38.4 million lira, and total operating expenses climbed 11.8% on an annual basis to 42.0 million lira from 37.5 million lira.

Reported net income decreased 99.3% from the prior-year period to 169,720 lira, or 1 kurus per share, from 25.8 million lira, or 1.03 lira per share.

As of Nov. 9, US$1 was equivalent to 3.23 Turkish lira.