Turkey’s Koç Group profit rises by 20 pct

ISTANBUL – Hürriyet Daily News

The chairman of Koç Holding, Mustafa Koç, speaks at a meeting. DHA photo

Turkish conglomerate Koç Holding posted 586.4 million Turkish Liras ($293 million) net profit in the second quarter, up 20.2 percent from the same period a year earlier.

Koç’s net profit reached 1 billion liras in the first half with a 1.2 percent increase from the same period of the previous year, the company announced to the Public Disclosure Platform (KAP) on Aug. 22.

The holding’s second quarter sale income decreased to 15.9 billion liras with a 3 percent fall as the first half sale income decreased to 29.4 billion liras with a 4.3 percent fall. However, Koç Holding has five companies in the top 10 of the top 500 Turkish companies for 2012. Top of the list was Turkish oil refiner Tüpraş, the majority stake in which is owned by Koç Holding, posted 137.6 million liras net profit in the second quarter, below market expectations.

Ford Otomotiv, a joint venture of Turkish Koç and Ford, ranked second on the list, posted 259.5 million liras net profit in the second quarter with a 54 percent increase from the same period a year earlier, above expectations.

Koç subsidiary Arçelik, which ranked fourth on the list and produces appliances, posted 151.3 million liras net profit in the second quarter with a 9.8 percent fall when compared to the same period of the previous year.