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Koc Holding profit beats consensus by 80.6% in Q2

Koç Holding AS said its normalized net income for the second quarter came to 20 kurus per share, compared with the S&P Capital IQ consensus estimate of 11 kurus per share.

EPS rose 148.6% year over year from 8 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 503.8 million lira, a gain of 148.6% from 202.7 million lira in the year-earlier period.

The normalized profit margin rose to 3.0% from 1.1% in the year-earlier period.

Total revenue declined 7.1% on an annual basis to 17.07 billion lira from 18.37 billion lira, and total operating expenses fell 5.5% on an annual basis to 16.06 billion lira from 16.99 billion lira.

Reported net income grew 6.4% from the prior-year period to 918.1 million lira, or 36 kurus per share, from 862.7 million lira, or 34 kurus per share.

As of Aug. 16, US$1 was equivalent to 2.93 Turkish lira.