Tofas Profit Falls With Industry Sales

Turkish carmaker Tofas, a joint venture between Italy's Fiat and local firm Koc Holding, reported a drop in net profit in H109, as domestic vehicle sales continue to fall. The company's Q2 net profit of TRY67.65mn (US$45.01mn) was not only a decline from the TRY68.7mn (US$45.71mn) posted in Q208, but also fell short of consensus forecasts of TRY87mn (US$57.85mn). Sales of TRY1.479bn (US$982.9mn) were up marginally on the TRY1.478bn (US$982.1mn) posted in Q208, but were still lower than the TRY1.548bn (US$1.03bn) forecast.

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