Page 6 - TURKRptSept19

Turkish homes market contracts for seventh month in a row in July.
Enka Insaat reported a net profit of TRY1.08bn for Q2.
Bechtel-Enka files sole bid for Serbia's Morava Corridor construction.
Emlak REIT’s net profit rose by 18% y/y to TRY 312mn in Q2.
Turkish real estate tycoon Agaoglu puts his luxury cars up for sale amid market misery.
Turkish auto sales crash 66% in July after tax cuts expire. August auto sales seen at 20,000 units.
“The automotive industry is sick... In 2019, total sales will probably be around 300,000-350,000 units.”
“The auto markets across the world are shrinking and this is particularly the case with Europe which is the major export market for Turkish carmakers. We will be hit hard.”
“Car loans are not easily accessible, people’s purchasing power has eroded, car prices are too high, consumer confidence is low and car dealers are not motivated enough to put in the effort to seek out potential buyers.”
Turkish parts suppliers suffer from global auto industry slump.
VW ‘one tax pledge away from choosing Turkey over Bulgaria for €1bn plant’.
Turkish white goods market contracts 31% y/y in July.
Turkey’s installed electricity production capacity increased by 3.6% on an annual basis in July to reach 90,449 MW.
Bereket Enerji to buy 24% of power company Karhes.
Zorlu Enerji has acquired a 42.15% stake in Israel-based Adnit Real Estate.
Zorlu Enerji posted a net loss of TRY54mn in Q2.
Turcas Petrol has signed a creditor agreement with its bank to refinance the USD-denominated portion of a project finance loan.
Solar power producer Naturel Enerji held IPO.
Turkish Tekfen’s subsidiary inks $195mn contract with BP Exploration.
Ak Enerji’s net loss declined to TRY116mn in Q2.
Aksa Enerji’s net profit rose to TRY57mn in Q2.
Risk of full-blown banking crisis in Turkey still high but has eased says S&P.
The combined profit of the banking industry plunged 15% y/y in H1.
ING Bank Turkey renews syndicated loan ahead of Turkish lenders’ refinancing season.
Garanti Bank has sold TRY260mn worth of NPL portfolio. S&P has affirmed Garanti Bank at B+ but cut the outlook to negative due to highly challenging operating conditions in Turkey.
Isbank’s solo net profit declined by 38% y/y to TRY951mn in Q2.
6 TURKEY Country Report September 2019 www.intellinews.com