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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.
Tofas plans to spend €120mn on investments in all in 2019.
Turkey’s leading consumer electronics retailer Teknosa has reported a net loss of Turkish lira (TRY) 35.4mn (€5.5mn) for the third quarter of 2019.
In the same period of 2018, the company posted a tiny profit of TRY47,000.
Revenues in the quarter increased to TRY1bn from TRY920mn a year earlier while gross profit inched up to TRY184mn from TRY179mn.
The company’s financials also showed that its financing costs rose to TRY58mn in Q3 from TRY32mn in Q3 2018.
Teknosa’s 9-month loss, consequently, soared to TRY129mn from TRY10mn a year ago.
Revenues increased to TRY2.9bn in the first nine months from TRY2.6bn.
Online sales exhibited a 22% y/y increase to hit TRY185mn in January-September.
Teknosa, owned by Sabanci Holding, operates a network of 200 stores with a total sales space of 105,000 square meters across the country’s 68 provinces, and a workforce of around 2,300 staff.
The company’s share of the local consumer electronics market stands at around 21%.
According to data from research firm GFk, the size of Turkey’s consumer electronics market reached TRY41.3bn as of end-August, marking growth of 2.2% on an annual basis.
Bizim Toptan, one of Turkey’s largest wholesalers, has reported a third-quarter net income of Turkish lira (TRY) 11.3mn (€1.8mn) compared to the TRY8.9mn recorded for the same period of last year.
Q3 revenues of the retailer jumped to TRY1.2bn in July-September from TRY1bn a year ago.
The company also reported that its gross profit was TRY136mn in the third
26 TURKEY Country Report November 2019 www.intellinews.com
