Sabancı Holding profits plunge by 40 percent

Sabancı Holding profits plunge by 40 percent

ISTANBUL - Anatolia News Agency
Sabancı Holding profits plunge by 40 percent

Sabancı Holding CEO Zafer Kurtul (L) stands besides Chairwoman Güler Sabancı.

Turkey’s Sabancı Holding recorded 719.2 million Turkish Liras in net profits in its six-month consolidated financials. In the same period, it achieved 1.77 billion liras in consolidated operational profits.

Furthermore, the conglomerate’s consolidated sales witnessed a 17 percent increase in the first half of 2012, reaching 12.5 billion liras.

Sabancı Holding’s Chief Executive Officer (CEO) Zafer Kurtul said in a company press release yesterday that Turkey’s electricity demand had increased 8 percent in the first six months of 2012 year-over-year and that this had resulted in a 28 percent increase in its energy firm Enerjisa’s sales, which reached 1.28 billion liras in the first half of 2012.

Kurtul also said that despite the poor weather conditions that had negatively affected Sabancı’s cement companies in the first quarter of the year, the holding was able to regroup its losses and achieve a sales turnover on par with the same period in 2011.

Teknosa, Sabancı Holding’s retail electronics arm, has continued to perform well since its initial public offering (IPO) on May 17, according to Kurtul. In the first half of 2012, Teknosa’s sales went up 29 percent and its net profits were up 14 percent on a year-over-year basis.