Arcelik's big Q1 profit miss sends shares down

Arcelik

29/04/2024 08:38

** Shares in Arcelik  ARCLK.IS  fall 3.5%, among worst
performers on Turkey's BIST 100 index  .XU100 , after the
Turkish domestic appliances maker posted much
weaker-than-expected Q1 profit
    ** Q1 net profit falls 69% year-on-year to 395.1 million
lira ($12.19 million), well below analysts' profit expectation
of 1.45 billion lira, cited by Ak Yatirim analysts
    ** Ak Yatirim says higher-than-expected taxes and financial
expenses might be the main reasons for the profit fall,
expecting a negative share reaction

($1 = 32.4132 liras)

 (Reporting by Oben Mumcuoglu)