Tüpraş posts 160 pct rise in Q2 profit

August 12 2014 15:45:02

Tüpraş posts 160 pct rise in Q2 profit

ISTANBUL - Hürriyet Daily News

Tüpraş’s profit has increased by 160 percent to reach 357.7 million liras.

The net profit of Turkey’s sole oil refinery, Tüpraş, soared by 160 percent to 357.7 million Turkish liras ($165 million) in the second quarter, thanks to the effects of the currency rate and deferred tax revenue from the Fuel Oil Transformation project. However, the decline in refinery margins and capacity utilizations ratios caused the profit of the company, which is owned by Koç Holding, to fail to meet market expectations, which had been at around 480 million liras.

According to a statement released to the Public Disclosure platform (KAP), the refinery’s sales decreased by 5 percent to 9.6 billion liras.

The company had posted 137.6 million in profit and 10.1 billion liras in sales revenues in the same period last year.

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