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Vanet Gida H1 loss widens YOY

Vanet Gida Sanayi Iç Ve Dis TAS said its normalized net income for the first half came to a loss of 4 kurus per share, compared with a loss of 1 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 894,710 lira, compared with a loss of 277,840 lira in the prior-year period.

Total revenue declined 57.6% year over year to 1.8 million lira from 4.4 million lira, and total operating expenses decreased 35.1% on an annual basis to 4.1 million lira from 6.3 million lira.

Reported net income came to a loss of 1.4 million lira, or a loss of 6 kurus per share, compared to a loss of 508,820 lira, or a loss of 3 kurus per share, in the prior-year period.

As of July 29, US$1 was equivalent to 2.76 Turkish lira.