Koç profit drops 13 pct
Bloomberg
Net income at Koç declined to 2 billion Turkish Liras ($1.2 billion), the company said in an e-mailed statement Thursday. The company reported a profit of 2.3 billion liras in 2007.Koç, which owns stakes in car producers and household goods makers, is on the front line of an economic downturn that’s slashing consumer spending in Turkey and slowing demand for exports to the European Union.
The grou owns appliance-maker Arçelik and refiner Tüpraş. It also has joint ventures with Fiat and Ford Motor in vehicle production.
Tüpraş said on March 3 net income slid by two-thirds to 439.4 million liras, less than half analysts’ estimates. Arçelik’s profit slid to 6.6 million liras last year from 137.2 million liras in 2007, it said.
