Turkey's largest defense body profit surges by 82 pct

ANKARA - Anadolu Agency

Aselsan’s net profit increased to $152.8 million last year. Company photo

Turkey’s biggest defense company, Aselsan, raised its net profit to 293.2 million Turkish Liras ($152.8 million) in 2012, an 82 percent increase from a year earlier.

Aselsan’s net sales reached 1.6 billion ($834 million) liras last year, an 8 percent rise, according to data compiled from the company’s 2012 annual report by Anadolu Agency.

Aselsan, Turkey’s military research and development enterprise, set aside $329 million for research and development projects last year. The company made exports worth $152 million to 45 countries. Also it received orders worth around $4 billion in advance.

Aselsan was one of the most profitable companies traded on the exchange as it earned 125 percent for its investors last year.

The company paid $210 million to 400 local subcontractors, 329 of which were small and medium-sized enterprises, for work last year.