Page 86 - TURKRptOct19

9.2.2 Automotive corporate news
● Ford Otosan
Ford Otosan’s net income declined by 16% y/y to TRY410mn in Q2 while revenues rose by 11% y/y to TRY9.13bn, the company said on August 2. Market expected a net profit of TRY427mn and total revenues of TRY8.97bn in the quarter.
In H1, net profit declined by 3% y/y to TRY888mn. Consolidated EBITDA rose to TRY787mn in Q2 from TRY 761mn a year ago versus a market expectation of TRY 758mn. EBITDA margin fell to 4.5% in
The quarter from 5.9% a year ago.
Ford Otosan targets 340,000-350,000 units of exports and 40,000-50,000 units of domestic sales in 2019.
● Tofas
Tofas increased its net income by 11% y/y to TRY409mn in Q2 while
revenues rose by 5% y/y to TRY5.3bn.
Tofas cut its domestic market expectation for 2019 to 380-400,000 from a previous 430-450,000 but it kept its domestic sales target at 60-65,000 and exports target at 200-220,000.
The company plans to produce 250,000-275,000 units this year.
Tofas managed to increase its net income by 5.8% y/y to TRY733mn in H1.
Tofas, one of Turkey’s largest carmakers, has dismissed media speculation suggesting it is preparing to cut its workforce’s number of workdays and halve production for a week in October and November.
In a filing with Borsa Istanbul, the carmaker entirely rejected the media reports.
“We have not changed our projections for 2019 which were made public in July this year,” the company said.
Sozcu newspaper speculated earlier last week that in the face of weak local demand for cars, Tofas had decided to cut the number of workdays in a week to four for a period of five weeks and to three for a week on certain production lines next month and in November. The carmaker would also halt production entirely for a week, the newspaper reported.
Tofas said it issued a statement to the stock exchange because it had received questions from its shareholders regarding the media reports.
86 TURKEY Country Report October 2019 www.intellinews.com