Koç Holding posts profit above forecasts

ISTANBUL - Reuters

Turkey’s largest conglomerate, Koç Holding, posted a net profit of 678.6 million Turkish Liras ($301.48 million) in the third quarter of the fiscal year, down from the 1.2 billion liras in the same period last year, the company said in a written statement to the Public Disclosure Platform (KAP) on Nov. 10. 

The business groups’ financial results were above the expectations thanks to the income from the sale of its meat products company, Maret, and higher-than-expected profits from its oil refinery unit, Tüpraş.

Koç Holding’s third quarter sales stood at 19.1 billion liras, slightly higher than the 18.6 billion liras from the same period of last year.

Some 522 million liras of the group’s consolidated net income came from energy business in the first nine months of the year, 570 million from finance units and 473 million liras from automotive business, according to data on the group’s website.

Some 5 billion liras in investments were made by the group during the first nine months of the year, Koç Holding announced through a press release.