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                 costs by increasing their output prices.”
 4.3.2 ​Corporate profits dynamics
    Major Borsa Istanbul Companies Q1 Financials
           Net
                             Market
    Sales
        EBITDA
    y/y
 Profit
      y/y
          TRYmn
      Value
    Q1
    y/y
    Q1
    %
 Q1
      %
    P/E
   P/B
   Koc Holding
      39,814
    32,196
    -6%
    3,295
    65%
 3,470
      345%
    5.62
   1.00
   Ford Otosan
      22,125
    9,367
    1%
    896
    15%
 629
      32%
    10.48
   5.51
   Tofas
      11,020
    4,447
    12%
    599
    -2%
 346
      7%
    7.33
   3.25
   Tupras
      21,010
    16,940
    -18%
    -1,181
    -
 -2,265
      -
    -
   1.98
   Yapi Kredi Bank
      18,668
    3,973
    18%
    -
    -
 1,129
      -9%
    5.35
   0.45
   Arcelik
      11,062
    7,768
    13%
    657
    -5%
 256
      13%
    11.58
   1.13
   BIM
      38,132
    12,598
    40%
    985
    51%
 430
      100%
    26.48
   8.15
   Garanti BBVA
      32,088
    5,644
    26%
    -
    -
 1,631
      -5%
    5.29
   0.58
   Turkcell
      30,580
    6,439
    20%
    2,922
    25%
 873
      -29%
    10.56
   1.64
   Isbank
      21,915
    5,755
    34%
    -
    -
 1,456
      0%
    3.61
   0.37
 Sisecam
  11,430
     4,615
      18%
      987
      19%
    442
    -1%
     6.02
     0.79
   Turk Telekom
    26,880
 6,303
 17%
 2,925
 12%
661
    113%
 9.75
 2.70
   Sabancı Holding
      17,548
    4,553
    6%
    2,585
    3%
 1,193
      13%
    4.48
   0.53
   Akbank
      29,120
    4,979
    48%
    -
    -
 1,310
      -7%
    5.48
   0.54
   Enerjisa Enerji
      9,555
    5,779
    29%
    1,057
    21%
 341
      15%
    8.87
   1.46
   Erdemir
      28,525
    6,379
    -11%
    1,006
    -42%
 300
      -70%
    10.89
   0.85
   Isdemir
      20,648
    3,697
    -9%
    705
    -23%
 211
      -60%
    11.20
   1.15
   Turkish Airlines
      17,015
    15,330
    3%
    649
    -22%
 -2,023
      -
    4.52
   0.41
   Anadolu Efes
      11,155
    4,514
    15%
    259
    -29%
 -84
      -
    10.01
   0.96
 Coca Cola Icecek
  11,009
    2,622
     21%
     388
     21%
   127
   -
    10.05
    1.68
    Some 75% of Turkish companies plan to revise their targets for 2020
because of the effects of the coronavirus (COVID-19) pandemic, according to a ​survey​ conducted jointly by Mercer Turkey and Peryon.
Akbank reported a 7% y/y decline in first-quarter profit ​to TRY1.31bn due to the writing in of higher revisions for potential non-performing loans (NPLs).
The lender has adopted TRY250mn of additional provisions for Group II-III NPLs, bringing total provisions to TRY900mn, while it has adjusted up its provision for its Turk Telekom loan to TRY871mn. Akbank, Garanti BBVA and Isbank have been struggling to rescue their money from Turk Telekom since the owner defaulted. The lenders have taken a stake of more than 55% in the company.
On April 29, ​Garanti BBVA reported a 5% y/y profit contraction to TRY1.63bn for Q1​.
Tupras, Turkey’s largest refiner, has ​reported​ a net loss of Turkish lira (TRY) 2.27bn (€324mn) for the first quarter​ versus a loss of TRY375mn in the same period a year ago (See Section 9.2.1).
The next day ​steelmaker Erdemir reported a 70% y/y decline in Q1​ profit to TRY300mn, with revenues down 11% y/y to TRY6.4bn.
24​ TURKEY Country Report​ June 2020 ​ ​www.intellinews.com
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