Local Koç firms post profits below forecasts
ISTANBUL - Reuters
The Finance Ministry Tax Inspection Board has recently started undertaking an inventory research, marker audit and tax probe at oil refiner Tüpraş. DHA photoTurkish conglomerate Koç Holding has announced the net profits of its three subsidiaries, which are among Turkey’s 10 biggest companies. Turkish oil refiner Tüpraş, the majority stake in which is owned by Koç Holding, posted 137.6 million Turkish Liras net profit in the second quarter, below market expectations. While Koç’s Arçelik also showed a weaker performance than expected in this period, Ford Otomotiv, a joint venture of Turkish Koç and Ford, posted a net profit above forecasts.
Koç Holding has five companies in the top 10 of the Top 500 Turkish companies for 2012 which was topped by Tüpraş, followed by Ford Otosan while Arçelik ranked fourth.
Tüpraş’s net profit increased to 137.6 million liras with a 1.4 percent increase from the same period a year earlier but it remained below expectations. The company’s sales income fell to 10.1 billion liras with a 7.2 percent decrease. İş Yatırım said the results were below expectations despite seasonality but delayed tax incomes contributed to the net profit.
However, the net profit decreased by 37.4 percent in the first half when compared to the same period a year earlier. The sales income fell to 18.32 billion liras with a 9.1 percent decrease at the same period as the earnings before interest taxes depreciation and amortization declined to 283 million liras with a 36.4 percent decrease.
The company’s domestic sales fell to 8.8 million tons with 200,000 tons decrease, its exports dropped to 2.48 million tons with 412,000 tons decrease.
Meanwhile, the Finance Ministry Tax Inspection Board has started undertaking an inventory research, marker audit and tax probe at Tüpraş and gas firm Aygaz, a Koç subsidiary that ranked 10th in the list of the Top 500 Turkish companies for 2012, regarding raw fuel material, products and semi-products, markers, mineral oil and other products by the end of July. The finance minister has ruled out claims that the move was related to the Gezi protests.
Ford’s net profit up, fall in Arçelik
Ford Otosan posted 259.5 million liras net profit in the second quarter with a 54 percent increase from the same period a year earlier, above expectations due to delayed tax incomes and exchange differences incomes. Sale incomes of the company reached to 2.91 billion liras with a 13.7 percent increase at the same period.
“87 million tax income contributed to the net profit in the second quarter that is above market expectations. Also, as the company had been expecting exchange differences expenses, it gained 12.6 million liras exchange differences incomes,” said Ata Yatırım.
Ford Otosan’s sale income rose to 5.48 billion liras with a 10 percent increase in the first half, thanks to increase in exports and domestic sales. Despite shrinkage in European car markets, the company’s export value rose to 3.68 billion liras with a 15 percent increase at the same period, as its domestic sales reached to 1.8 billion liras with a 2 percent increase.
However, another Koç subsidiary Arçelik, which produces appliances, posted 151.3 million liras net profit in the second quarter with a 9.8 percent fall when compared to the same period of the previous year, stayed below expectations mainly due to weak demand.