Loss and Decline in Sales
IZMDC reported a net loss of TL 2,073,229,987 in the first six months of 2024. This figure was higher than the loss of 1,916,324,937 TL recorded in the same period last year. Especially in the second quarter of 2024, the net loss was announced as 959,213,454 TL. The company's net loss showed a significant increase compared to the six-month period of last year.
The company applied inflation adjustment in the financial statements and revised its net loss in the first six months of 2023 from 1.10 billion TL to 1.91 billion TL. This adjustment reveals that the financial results show a higher loss on an annual basis.
In the first six months of 2024, the company's sales totalled 18,201,686,708 TL. This figure indicates a 23% decrease compared to the sales of 23,679,870,373 TL in the same period of the previous year. Operating profit was recorded as TL -1,293,135,370 this year, compared to TL 1,362,683,127 in the same period of the previous year. This indicates a serious decrease in the operational efficiency of the company.
EBITDA, on the other hand, decreased from TL 1,585,491,000 last year to TL -854,807,000 in 2024. This loss indicates a significant contraction in the company's operational profitability.
Financial Health and Debt
In the first six months of 2024, total assets were announced as 40,710,468,038 TL, while this figure was recorded as 41,710,872,147 TL at the end of last year. Total debts of the company increased from 19,057,390,567 TL to 20,615,249,960 TL, which caused an increase in the indebtedness ratio. Shareholders' equity decreased from TL 19,144,303,866 to TL 16,893,635,778, a decrease of 6% on a quarterly basis.
IZMDC's financial report for the second quarter of 2024 reveals a marked deterioration in the company's financial performance. The decrease in sales revenues, large losses in operating profit and negative results in EBITDA indicate that the company is facing operational difficulties. Moreover, the increase in indebtedness and the decrease in shareholders' equity are among the worrying indicators in terms of financial soundness.
Comments
No comment yet.