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Arsan Tekstil Q2 profit climbs 98.1% YOY

Arsan Tekstil Ticaret ve Sanayi AS said its second-quarter normalized net income came to 2 kurus per share, an increase of 28.7% from 1 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 1.3 million lira, a gain of 98.1% from 657,490 lira in the year-earlier period.

The normalized profit margin climbed to 4.8% from 3.0% in the year-earlier period.

Total revenue grew 22.1% year over year to 27.0 million lira from 22.1 million lira, and total operating expenses grew 56.8% year over year to 31.4 million lira from 20.0 million lira.

Reported net income fell 7.6% from the prior-year period to 1.4 million lira, or 2 kurus per share, from 1.6 million lira, or 3 kurus per share.

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