Koç Holding sales may decline in 2009

Bloomberg

Sales last year climbed 13 percent to 82 billion Turkish liras ($51 billion), and operating profit rose 9 percent to 5.9 billion liras from a year earlier, Bulgurlu told the news channel. He blamed a possible shortfall in 2009 sales on falling revenue from the automotive and durable-goods industries.

Istanbul-based Koç Holding, which owns the country’s biggest maker of household appliances Arçelik, also has joint ventures with carmakers Ford Motor Co. and Fiat.

Bulgurlu said a loan agreement with the International Monetary Fund, or IMF, would be very important, as it would help Turkey to refinance its $40 billion debt this year.

Ford suspends production

Meanwhile, Ford Otosan, the unit of Ford Motor Co. in Turkey, said it would halt production at two plants in the country because of falling global demand, the company said in a filing with the Istanbul Stock Exchange also Thursday. The Kocaeli factory will close between Jan. 31 and Feb. 16 and the İnönü plant will halt production between Jan. 30 and Feb 23, it said.