Net income of listed automotive companies down 40 percent

ISTANBUL

The combined net income of eight listed automotive companies plunged 40 percent year-on-year in the first half of 2024.

Those companies, namely Tofaş Türk Otomobil Fabrikası, Ford Otosan, Türk Traktör, Anadolu Isuzu, Tümosan Motor, Doğuş Otomotiv, Karsan Otomotiv and Otokar posted a total profit of 28.1 billion Turkish Liras ($820 million) in the January-June period, showed the data compiled by state-run Anadolu Agency.

The past months have been difficult for Turkish carmakers with the local market contracting.

Vehicle sales plunged 22 percent in April and 10 percent in the following. In July, the market shrank 17.5 percent. Last month, vehicle sales fell 9.4 percent year-on-year.

Six of the listed companies reported profit, while two of them posted losses in the first half of 2024.

Ford Otosan posted the largest profit at 15.7 billion liras, but the company’s net income was down 19 percent compared with the January-June period of 2023.

The profit of Doğuş Otomotiv fell 58 percent year-on-year to 5.2 billion liras, while Tofaş saw a 55 percent decline in its net income to 4.3 billion liras.

Net income of Türk Traktör, Anadlu Isuzu and Tümosan were 3.8 billion liras, 411 million liras, 259.4 million liras, respectively.

Karsan, which reported a net income of 74.5 million in the first half of 2023, posted a net loss of 280 million liras this year.

The net loss of Karsan widened from 184 million liras to 1.3 billion liras.

Total sales of automotive companies traded on the stock exchange decreased by 8 percent in the first half compared to the January-June period of 2023 to 439.9 billion liras.

Ford Otosan took the lead with sales at 241.4 billion, down 5 percent from a year ago.

Doğuş Otomotiv's sales fell 10 percent year-on-year to 75.9 billion liras, while Tofaş's sales declined 21 percent to 60.2 billion liras.