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Koc Holding profit misses consensus by 67.1% in Q2

Koç Holding AS said its second-quarter normalized net income came to 8 kurus per share, compared with the S&P Capital IQ consensus estimate of 24 kurus per share.

EPS increased 5.4% year over year from 7 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 200.3 million lira, an increase of 5.4% from 189.9 million lira in the prior-year period.

The normalized profit margin dropped to 1.1% from 1.2% in the year-earlier period.

Total revenue increased 11.3% year over year to 18.37 billion lira from 16.51 billion lira, and total operating expenses rose 5.1% on an annual basis to 17.00 billion lira from 16.17 billion lira.

Reported net income fell year over year to 862.7 million lira, or 34 kurus per share, from 872.4 million lira, or 34 kurus per share.

As of Aug. 25, US$1 was equivalent to 2.92 Turkish lira.