Page 77 - TURKRptSept19

$486mn where Tekfen Construction's share amounts to $195mn within the scope of its share in Azfen,” Tekfen Holding explained in a statement filed on the Borsa Istanbul.
Tekfen Holding is engaged in construction activities including for power generation, airports, petroleum and roadways. Tekfen primarily operates in Turkey, Russia, Middle East, North Africa, and Europe.
Shares in Tekfen Holding were on August 27 down 0.46% d/d to trade at Turkish lira 21.56 per share.
9.2.2 Automotive corporate news
● Ford Otosan
Ford Otosan’s net income declined by 16% y/y to TRY410mn in Q2 while revenues rose by 11% y/y to TRY9.13bn, the company said on August 2. Market expected a net profit of TRY427mn and total revenues of TRY8.97bn in the quarter. In H1, net profit declined to TRY888mn from TRY919mn a year ago. Consolidated EBITDA rose to TRY787mn in Q2 from TRY 761mn a year ago versus a market expectation of TRY 758mn. EBITDA margin fell to 4.5% in The quarter from 5.9% a year ago.
Ford Otosan's Q2 results were pressured by the temporary slowdown of exports due to the facelift of the Transit, Vladimir Bespalov of VTB Capital said on August 5 in a research note entitled “2Q19; temporary pressures, Buy reiterated”.
Ford Otosan targets 340,000-350,000 units of exports and 40,000-50,000 units of domestic sales in 2019.
The company’s domestic vehicle sales declined by 53% y/y to 20,745 units in January-July, Bespalov said on August 2 in a research note entitled “July; sharp drop points to challenging 3Q19; we prefer exporters”.
● Tofas
Tofas increased its net income by 11% y/y to TRY409mn in Q2 while revenues rose by 5% y/y to TRY5.3bn. Tofas cut its domestic market expectation for 2019 to 380-400,000 from a previous 430-450,000 but it kept its domestic sales target at 60-65,000 and exports target at 200-220,000.
Tofas’ domestic sales declined by 26% y/y to 34,415 units in January-July. ● Others
77 TURKEY Country Report September 2019 www.intellinews.com