Page 105 - TURKRptMay19

Airbus A319-132. In 2018, air passenger traffic in Albania went up by 12% y/y to nearly 2.95mn people.
9.2.4 Construction & Real estate corporate news
Turkey’s Ronesans to build medical units at Russian universities. Turkish construction, development and investment company Ronesans Holding is to build a network of medical units at Russian universities. An agreement for the work was signed with the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation, on April 8 as part of Turkish President Recep Tayyip Erdogan’s visit to Moscow. According to Erman Ilicak, president of Ronesans, the company’s real estate investments in Russia have amounted to $1.3bn to date. Ronesans ranked 36th in Engineering News Record’s “Top 250 International Contractors List 2018” and it is the ninth largest contracting company in Europe. The developer currently operates in 23 countries. Its annual revenues are around $4.2bn. It builds shopping centres, offices, hotels, residences, mixed-use buildings, heavy industrial facilities, infrastructure projects, automotive factories, healthcare complexes and power plants. The International Finance Corporation (IFC), a member of the World Bank Group, became a partner in Ronesans Holding with an investment of $215mn in 2016.
Turkish consortium walks from talks with Albania on construction of Vlora airport: report. Turkish consortium has walked away from talks with the Albanian government on the construction of Vlora airport on Albania’s southwestern coast. Discussions broke down due to disagreements over the project, Turkish business daily Dunya reported without providing further details. The consortium, made up of construction firms Cengiz, Kolin and Kalyon, commenced talks with the Albanians last year with a view to building the airport and then operating it for 20 years. According to the newspaper, the Albanian government plans to call another tender for the project. Cengiz, Kolin and Kalyon have carried out a number of joint projects, including the construction of Istanbul’s new mega airport. It is estimated that the Vola airport project would cost around €100mn.
Turkey’s Cengiz and Bosnia’s Euro-Asfalt company jointly submitted bid to build a section of a pan-European north-south highway , as part of a €250mn ($280mn) programme for 2019 construction projects planned for Bosnia. The companies applied to build a 2.65-kilometre sub-section, including a 2.47 km tunnel from Ponirak to Vraca in central Bosnia, as part of the stretch of the Corridor VC highway which runs from Budapest to the Croatian port of Ploce. The construction is to be financed with a €50mn loan from the European Investment Bank (EIB) and grants from the Western Balkans Investment Fund.
9.2.5 Retail corporate news
Tacirler Invest expects retailer BIM to post 22% y/y growth in its Q1 net income to TRY285mn from TRY2343mn a year ago, the Istanbul-based brokerage said on April 16 in its Q1 Earnings Preview note. BIM is also expected to have increased its revenues by 30% y/y to TRY9.09bn and its EBITDA by 21% y/y TRY441mn in the first quarter.
Tacirler foresees another retailer Migros’ net loss to have declined to TRY127mn in Q1 from TRY238mn a year ago while its revenues to have risen by 23% y/y to TRY4.86bn. Migros’ EBITDA is expected to have grown by 47% y/y to TRY310mn in the first quarter.
105 TURKEY Country Report May 2019 www.intellinews.com