Top Turkish companies’ profits soar in third quarter

ISTANBUL

Profits of Turkey’s largest conglomerates, Koç Holding and Sabancı Holding, jumped in the third quarter of the year, their financial results have shown.

Koç Holding said on Nov. 9 its net profit climbed 31 percent to 1.290 billion liras ($334 million) in the third quarter from 981 million liras in the same period a year earlier, mainly due to strong contributions from the group’s energy and automotive businesses.

According to a statement to the Istanbul stock exchange, its total sales climbed to 25.87 billion liras in the third quarter from 18.64 billion in the same period a year earlier.

Sabancı Holding said on Nov. 7 that its net profit rose 64 percent in the third quarter to 880.5 million liras ($229.72 million), with its industrial, energy and retail businesses making a robust contribution in addition to its banking unit, Akbank.

Revenue rose 19 percent to 3.64 billion liras, Sabancı said in a statement to the Istanbul stock exchange.