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Bizim Toptan Satis Magazalari Q2 profit falls YOY

Bizim Toptan Satis Magazalari AS said its normalized net income for the second quarter came to 5 kurus per share, a decline of 28.8% from 7 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 3.0 million lira, a decline of 28.8% from 4.3 million lira in the prior-year period.

The normalized profit margin declined to 0.5% from 0.8% in the year-earlier period.

Total revenue rose 14.4% on an annual basis to 639.7 million lira from 559.3 million lira, and total operating expenses climbed 14.9% from the prior-year period to 627.1 million lira from 545.6 million lira.

Reported net income fell 31.4% from the prior-year period to 3.7 million lira, or 6 kurus per share, from 5.3 million lira, or 9 kurus per share.

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