Tüpraş net profits drop 6 pct to 288 mln liras

ISTANBUL

Oil refiner Tüpraş posts a drop in quarterly profits, but an increase in sales. DHA photo

Turkey’s largest oil refiner Tüpraş posted yesterday a first quarter loss in net profits from 306 million Turkish Liras to 288 million liras.

The company’s sales, however, were up seven percent in the same period, up to 5.3 million tons from 4.9 million tons in the first quarter of 2011, according to Tüpraş’ announcement to the Istanbul Stock Exchange.

This translates to a 35 percent increase in sales revenues from the first quarter of 2011.

Revenues in the first quarter of 2011 were 7.7 billion liras and increased to 10.5 billion liras in the first quarter of 2011.