Turkey's Tupras net profit plunged 18.2 pct last year

TUPRAS said the company’s net profit reached 1.19 billion Turkish lira ($US541 million) in 2013, down from 1.47 billion TL in 2012.

Turkey's Tupras net profit plunged 18.2 pct last year

World Bulletin / News Desk

Turkey’s oil refining company, Turkish Petroleum Refineries Corporation (TUPRAS) has seen a decrease in its net profit by 18.2 percent in the last year, over the previous year.

TUPRAS said the company’s net profit reached 1.19 billion Turkish lira ($US541 million) in 2013, down from 1.47 billion TL in 2012.

According to a company statement, TUPRAS’s sales declined to 41 billion TL (US$18.6 billion) from 42.4 billion TL in 2012, a 3.4 percent slump over the previous year.

Turkey’s largest industrial enterprise, partly owned and controlled by Turkey's biggest conglomerate company of Koc Holding, has an annual processing capacity of 28.1 million tons of crude oil. TUPRAS controls all of Turkey’s refining capacity.

On January 17 in this year, Turkey's competition regulator fined Tupras 412 million lira for abusing its dominant market position in pricing and contracts.

Last Mod: 20 Şubat 2014, 09:21
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