Page 93 - TURKRptDec19

Ford Otosan targets 340,000-350,000 units of exports and 40,000-50,000 units of domestic sales in 2019.
● Tofas
Tofas said on October 31 its net profit for the third quarter declined by 4.2% on an annual basis to Turkish lira (TRY) 298mn (€47mn).
The company’s quarterly revenues declined to TRY4.2bn in July-September 2019 from TRY4.33bn a year ago while gross profit dropped to TRY550mn from TRY723mn.
For the first nine months of the year, the carmaker reported a net income of TRY1.03bn, only marginally up compared with the TRY1bn profit it posted for the same period of 2018.
Tofas’ 9-month revenues fell from TRY13.8bn a year ago to TRY13.4bn in January-September in 2019.
Global carmaker Fiat holds a 37.86% stake in Tofas while the Turkish conglomerate Koc Holding owns 37.6% of the company.
Turkey’s auto market contracted 39% y/y to 281,000 units sold in January-September with passenger car sales plunging 37% on an annual basis to 229,000 units.
Tofas’s sales on the local market declined 6.6% y/y to 44,000 units while exports dropped 22% y/y to 150,000 units in the first nine months of the year.
The carmaker’s total output dropped 19.7% y/y to 190,483 units.
The company said it hoped to sell 70,000-75,000 units on the domestic market this year while its exports forecast was for 200,000-220,000 shipped units.
● Others
Turkish automotive and defence firm Otokar, owned by Turkey’s largest industrial group Koc Holding, has established a new subsidiary company, Otokar Central Asia, in Kazakhstan​. Otokar products are already used in Kazakhstan and other Central Asian countries and the subsidiary will enable the company to act locally on Kazakh and other regional markets by manufacturing in Kazakhstan in a joint venture, it added.
Otokar has subsidiaries and joint ventures in France, United Arab Emirates
93​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com