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Federal-Mogul Q2 profit climbs YOY

Federal-Mogul Izmit Piston Ve Pim Üretim Tesisleri AS said its second-quarter normalized net income came to 23 kurus per share, a gain from 10 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 3.2 million lira, an increase from 1.4 million lira in the prior-year period.

The normalized profit margin increased to 21.0% from 11.4% in the year-earlier period.

Total revenue grew 24.2% year over year to 15.5 million lira from 12.5 million lira, and total operating expenses rose 23.7% on an annual basis to 11.9 million lira from 9.6 million lira.

Reported net income increased from the prior-year period to 5.5 million lira, or 39 kurus per share, from 1.8 million lira, or 13 kurus per share.

As of Aug. 6, US$1 was equivalent to 2.78 Turkish lira.