Turkey's Koc feels chill from cooling global economy

Second-quarter net profit fell to 489 million Turkish lira ($272 million), despite a 15 percent rise in net sales to 19.9 billion lira, the firm said.

Turkey's Koc feels chill from cooling global economy

World Bulletin / News Desk

Koc Holding, Turkey's biggest conglomerate, posted a 13 percent drop in quarterly net profit on Wednesday as its businesses ranging from oil refining and banking to carmaking felt the chill from a cooling global economy.

Second-quarter net profit fell to 489 million Turkish lira ($272 million), despite a 15 percent rise in net sales to 19.9 billion lira, the firm said.

Koc owns Tupras, Turkey's sole oil refiner, lender Yapi Kredi and automakers Ford Otosan and Tofas.

Tupras on Tuesday posted a 47 percent drop in its second-quarter net profit after a fall in global oil prices hit refining margins. Ford Otosan, Tofas and Yapi Kredi also reported falls in second-quarter net profit earlier this month.

Ford Otosan's net profit was down 13 percent, while lender Yapi Kredi saw a 20 percent decline. Tofas's net profit was down 2.8 percent.

"The squeeze in the domestic market impacts all sectors and companies, which is caused by a stagnation in global markets and due to the expectation that interest rates will not be eased in the short term," said Koc Holding Chief Executive Turgay Durak in an e-mailed statement.

($1 = 1.800 Turkish lira)

Last Mod: 30 Ağustos 2012, 10:04
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