Frozen and canned food manufacturer Penguen Gida has posted a net loss of 2 trillion Turkish lira (US$1.22m) for its H1 2002, a reduction from the net loss of 5.7 trillion lira recorded in the same period of 2001.
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The finance director of the Turkish company said that at the end of its Q1 2002, it had a net profit of 205bn lira. However, by the end of June 2002, Penguen Gida’s short-term debts were 38.2 trillion lira and its long-term debts were 9.9 trillion lira.
The food producer aims to reduce its debts by 25% by the end of this year.
