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Karsan Otomotiv Q2 loss widens YOY

Karsan Otomotiv Sanayii ve Ticaret AS said its second-quarter normalized net income amounted to a loss of 5 kurus per share, compared with a loss of 2 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 21.0 million lira, compared with a loss of 9.7 million lira in the year-earlier period.

The normalized profit margin rose to negative 9.2% from negative 13.6% in the year-earlier period.

Total revenue rose year over year to 224.5 million lira from 71.2 million lira, and total operating expenses climbed year over year to 218.4 million lira from 85.7 million lira.

Reported net income came to a loss of 13.7 million lira, or a loss of 3 kurus per share, compared to a loss of 7.4 million lira, or a loss of 2 kurus per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 2.94 Turkish lira.