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Parsan Makina Parçalari Sanayii Q2 profit falls YOY

Parsan Makina Parçalari Sanayii AS said its second-quarter normalized net income amounted to 6 kurus per share, a decrease of 5.5% from 6 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 4.5 million lira, a decrease of 5.5% from 4.7 million lira in the prior-year period.

The normalized profit margin fell to 7.9% from 9.6% in the year-earlier period.

Total revenue rose 14.7% on an annual basis to 56.5 million lira from 49.2 million lira, and total operating expenses grew 11.3% year over year to 48.5 million lira from 43.6 million lira.

Reported net income fell 10.8% from the prior-year period to 5.8 million lira, or 7 kurus per share, from 6.5 million lira, or 8 kurus per share.

As of Aug. 18, US$1 was equivalent to 2.90 Turkish lira.