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Sanko Pazarlama Q2 profit climbs 98.6% YOY

Sanko Pazarlama Ithalat Ihracat AS said its second-quarter normalized net income was 6 kurus per share, a gain of 98.6% from 3 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 4.6 million lira, a gain of 98.6% from 2.3 million lira in the prior-year period.

The normalized profit margin increased to 2.1% from 1.2% in the year-earlier period.

Total revenue increased 10.8% on an annual basis to 217.0 million lira from 195.8 million lira, and total operating expenses grew 10.7% on an annual basis to 214.4 million lira from 193.7 million lira.

Reported net income grew from the prior-year period to 5.8 million lira, or 7 kurus per share, from 2.9 million lira, or 4 kurus per share.

As of Aug. 7, US$1 was equivalent to 2.78 Turkish lira.