Turkey’s Koç Holding’s net profit sees sharp rise in second quarter

ISTANBUL

Turkish conglomerate Koç Holding’s second-quarter net profit rose to 1.42 billion Turkish Liras ($402.8 million) from 918.1 million liras in the same period a year earlier, it said in a statement to the Istanbul stock exchange on Aug. 18.

The 54.4 percent year-on-year increase in the business group’s net profit mainly came from strong contributions of its energy and automotive companies.

Koç Holding’s total revenue hit 23.2 billion liras in the second quarter with a 36 percent year-on-year increase.

Koç’s consolidated net profit rose to 2.5 billion liras in the first half of the year with a 77 percent year-on-year increase, according to data compiled by Reuters.

Of this, over one billion liras came from the group’s energy business, which includes the country’s refinery Tüpraş, 664 million liras from its finance units, and 571 million liras from its automotive companies.