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Sönmez Filament Q2 profit climbs YOY

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi AS said its second-quarter normalized net income came to 545,360 lira, a gain from 527,250 lira in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 57.2% from 60.5% in the year-earlier period.

Total revenue increased 9.4% on an annual basis to 953,240 lira from 871,080 lira, and total operating expenses rose from the prior-year period to 687,030 lira from 23,320 lira.

Reported net income increased 35.2% on an annual basis to 834,310 lira, or 1 kurus per share, from 617,250 lira, or 1 kurus per share.

As of Aug. 10, US$1 was equivalent to 2.79 Turkish lira.