Page 83 - TURKRptSept19

services to Norway, Spain and England, according to the company’s website. The company currently connects more than 2,000 destinations in 29 countries. Flixbus also offers intercity coach services in the US.
Intercity coach companies were once highly popular and bus services were the main means of transportation for travellers in Turkey. However, data on the number of buses on the roads suggest they are not expanding their operations and are not as popular as before. Air transportation has become more affordable over the past decade.
A Chinese company has made an offer to buy the Turkish low-cost carrier Onur Air, Turkish business magazine Para reported, without naming the potential buyer. Founded in 1992, Onur Air was the first private airline to start domestic flights after the liberalisation of domestic air transport in Turkey. Cankut Bagana, the owner of the airline, recently announced that Onur Air would launch flights to Chengdu, the capital of southwestern China's Sichuan province. Following the announcement, some Chinese companies approached the Turkish carrier and one of those companies even made an offer to buy Onur Air, according to the report. The magazine said that Onur Air could be sold for $250mn-$300mn. Back in 2013, Bagana sold the carrier for $250mn to Iranian billionaire Babak Zanjani, who was sentenced to death in Iran for corruption in 2016. Two years later in 2015, Bagana bought back Onur Air for around $105mn. According to information on the company’s website, the carrier served more than 100mn passengers over the past 27 years. Onur Air currently employs around 1,700 personnel and operates 30 aircrafts with a fleet of Airbus family. The company operates to 14 major domestic and more than 120 international destinations scheduled and non-scheduled in 25 countries.
Aquila Aviation, owned by Turkish investors in Germany, is to set up an airplane manufacturing facility in Turkey, Industry and Technology Minister Mustafa Varank has announced.
9.2.4 Construction & Real estate corporate news
Emlak REIT’s net profit rose by 18% y/y to TRY 312mn in Q2 while H1 profit declined to TRY366mn from TRY1.13bn. Market expected a net profit of TRY270mn in the quarter.
Enka Insaat reported a net profit of TRY1.08bn for Q2 versus a net loss of TRY9mn a year ago while its net profit jumped to TRY1.92bn in H1 from TRY488mn a year ago. Market expected a net profit of TRY715mn for the second quarter.
Serbia has received only one bid for construction of the Morava Corridor motorway, from a consortium of US civil engineering group Bechtel and Turkish construction and engineering company Enka, the government said in a statement on August 27. In October 2018, the government signed a memorandum of cooperation with Bechtel for the construction of Morava Corridor that is estimated to cost €800mn.
Norway-based Protan has announced the purchase of the largest supplier of sustainable roofs and membranes, Multiplan. Propan did not disclose the financial details of the deal, which came a day after Germany’s Flixmobility announced the acquisition of Turkey’s oldest intercity bus company, Kamil Koc. “We are making this acquisition of Multiplan’s assets and production machinery and knowhow and have established a new company Protan Multiplan to gain access to new markets and increased production capacity for further growth,” said Eric Oyno, CEO of Protan Group. Multiplan has a plant in Gebze district just outside Istanbul where it produces roof and tunnel membranes in PVC and TPO. The company has a turnover in excess of €10mn. Multiplan, launched in 2004, is owned by the local Nuh Group. Protan develops and supplies membranes, roof systems, ventilation systems and
83 TURKEY Country Report September 2019 www.intellinews.com