Koc Holding Net Profit Falls 10% As Non-Finance Margins Hit
18 Mai 2012 - 10:25AM
Dow Jones News
Koc Holding AS (KCHOL.IS), Turkey's largest conglomerate by
sales, reported Friday a 10% fall in first-quarter net profit,
reflecting margin contraction in its non-finance segments.
The company's net profit for the first-quarter fell to 538
million Turkish lira ($292.5 million) from TRY597.2 million for the
year earlier period, according to a statement on the Istanbul Stock
Exchange's website.
Sales rose 28% to TRY17.6 billion from TRY13.8 billion.
"Particularly, there is a margin contraction in non-finance
segments of the company, but income from sales is above my
expectation," said Mehmet Emin Zumrut, an analyst with
Istanbul-based Erste Securities.
Koc Holding operates in five main segments: energy, automotive,
consumer durables, finance and others.
Companies operating under Koc Holding include Ford Otomotiv
Sanayii AS (FROTO.IS), or Ford Otosan, and Tofas (TOASO.IS) in the
automotive sector; Arcelik (ARCLK.IS), Beko and Demirdokum in the
durable goods sector; Aygaz (AYGAZ.IS) and Opet in the energy
sector and Yapi Kredi (YKBNK.IS) and Koc Finansal in the financial
services industry. It also owns Turkey's sole oil refiner Tupras
(TUPRS.IS).
-By Yeliz Candemir, Dow Jones Newswires, +90 530 224 77 49;
yeliz.candemir@dowjones.com
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