Page 12 - TURKRptApr21

4.0 Real Economy 4.1 Industrial production
4.2 Inflation
Turkey’s crude steel output grew 13% y/y to 3.4mn tones in January. Global steel production grew 5% y/y to 163mn tonnes in the month.
Turkey’s automaking output declined by 9.3% y/y to 116,000 vehicles in February. In January-February, output was down 7% y/y to 220,000.
Turkey’s official CPI inflation has risen to 15.61% in February from 14.97% in January.
4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
4.3.2 Corporate profits dynamics
Turkey manufacturing PMI dropped to 51.7 in Feb from 54.4 in Jan.
Turkey’s flag carrier Turkish Airlines (THYAO) reported a $836mn loss for 2020 versus a profit of $788mn in 2019.
Major Borsa Istanbul Companies 2020 Financials
TRYmn
Market Value
Sales
y/y
Profit
y/y
P/B
Koc Holding
59,239
183,777
20%
9,273
111%
1.3
Ford Otosan
62,988
49,451
26%
4,195
114%
8.9
Tofas
19,260
23,557
25%
1,784
20%
4.3
Tupras
26,795
63,244
-29%
-2,494
-
2.3
Yapi Kredi
22,976
22,224
11%
5,080
41%
0.5
12 TURKEY Country Report April 2021
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