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Ihlas Home Appliances Q2 loss narrows YOY

Ihlas Ev Aletleri Imalat Sanayi ve Ticaret AS said its second-quarter normalized net income was a loss of 1.5 million lira, compared with a loss of 3.0 million lira in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 5.1% from negative 8.9% in the year-earlier period.

Total revenue fell 36.6% on an annual basis to 21.4 million lira from 33.8 million lira, and total operating expenses decreased 46.1% from the prior-year period to 20.9 million lira from 38.8 million lira.

Reported net income came to a loss of 1.1 million lira, or a loss of 1 kurus per share, compared to a loss of 2.3 million lira, or a loss of 1 kurus per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 2.94 Turkish lira.