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9.3bn (around €1bn) in Q2 while it posted a net loss of TRY185mn in the quarter versus a net profit of TRY670mn a year earlier. Company Ebitda also declined, falling to TRY477mn from TRY1.5bn.
Fitch on October 19 ​affirmed​sole major Turkish petrochemical producer Petkim Petrokimya Holdings (Petkim’s) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.​
UK Oil & Gas ​announced​that it has executed the participation and joint operating agreements with Aladdin Middle East (AME) for its 50% interest in the 305-square-kilometre Turkish Resan Licence,​and the respective oil appraisal and exploration programme.
Canada’s Valeura Energy ​said​on October 20 it has agreed to sell its conventional gas production business in Turkey to UK-based TBNG​for $15.5mn in cash.
8.2.2 ​Automotive corporate news 8.2.3​ Transport corporate news
8.2.4 ​Construction & Real estate corporate news
8.2.5​ Retail corporate news
Turkey's TOGG consortium, which says it is building the country's first fully domestically-manufactured car, ​signed​a letter of intent to partner with China’s Farasis for the use of its Li-ion battery cells in the planned range of TOGG vehicles.
“I​n ​agreement​with Airbus, Turkish Airlines has rescheduled certain deliveries​and has adapted overall outstanding orders to their operational and financial capabilities to ensure a solid basis for the future for the airline.” Turkish Airlines has a total of 362 aircraft in its fleet. Some 175 of those are Airbus-made aircraft.
Fitch has affirmed Turkey’s government-run residential developer Emlak Konut Gayrimenkul Yatirim Ortakligi (Emlak REIT) at BB-/Negative, three notches below investment grade, in line with Turkey’s sovereign rating, the ratings agency ​said​on October 14.
Sabanci Holding i​s to launch​white cement trade company in the Netherlands.
BIM, one of Turkey’s largest hard discount chains, has ​authorised​its CFO to investigate and evaluate strategic options for its food retail subsidiaries in Morocco and Egypt. The total turnover of the subsidiaries in Morocco and Egypt accounts for 6.3% of BIM’s consolidated turnover, the company said.
The company’s turnover stood at Turkish lira (TRY) 26.6bn (€2.75bn) in the first half of 2020.
BIM had 310 stores in Egypt as of end-June, according to a presentation on the company’s website. In 2019, it opened 55 new stores in Morocco to make a total of 497 outlets in that country.
8.2.6​ TMT corporate news
40​ TURKEY Country Report​ November 2020
​ ​www.intellinews.com
Facebook has reportedly i​nformed​the Turkish government that it will not