Ülker reaps benefits of restructuring

Ülker reaps benefits of restructuring

ISTANBUL - Hürriyet Daily News
Ülker reaps benefits of restructuring

Ülker rises its net profits to nearly 64million Turkish Liras in the first quarter.

Ülker, which belongs to Turkey’s Yıldız Holding, increased its net profits in the first quarter of 2012 by 242.4 percent, from 18.7 million Turkish Liras to 63.9 million liras, and its sales increased 71.8 percent to 629.5 million liras, according to an announcement the company.

In an announcement to the Istanbul Stock Exchange (İMKB), Ülker announced that its strong results were due to its efforts to restructure its cookie, chocolate and cake product categories under one umbrella and renew its sales points.

A larger and simpler food company

“Thanks to its restructuring efforts, Ülker has become a larger and simpler food company,” said the company press release, noting that increased operational efficiency and exchange rate differences also led to the increase in net profits.

As a percentage of total revenues, Ülker’s export revenues accounted for 15 percent of sales or 126.7 million liras.

“With the consolidation of Ülker’s chocolate and cake businesses under one roof at the end of 2011, the company has become Turkey’s largest food company. Its market position became even stronger as a result of the consolidation,” said Yıldız Holding Food and Beverage Group President Mehmet Tütüncü.