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Lüks Kadife Ticaret ve Sanayi Q3 loss narrows YOY

Lüks Kadife Ticaret ve Sanayi A.S. said its third-quarter normalized net income was a loss of 6 kurus per share, compared with a loss of 11 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 a loss of 561,810 lira, compared with a loss of 1.1 million lira in the year-earlier period.

The normalized profit margin rose to negative 7.8% from negative 12.8% in the year-earlier period.

Total revenue fell 14.3% year over year to 7.2 million lira from 8.4 million lira, and total operating expenses fell from the prior-year period to 6.7 million lira from 6.9 million lira.

Reported net income totaled a loss of 991,580 lira, or a loss of 10 kurus per share, compared to a loss of 1.8 million lira, or a loss of 18 kurus per share, in the year-earlier period.

As of Nov. 8, US$1 was equivalent to 3.18 Turkish lira.