Turkish carmaker Ford Otosan slips after Q2 profit miss

Ford Otomotiv Sanayi AS

07/08/2024 09:00

** Shares in Ford Otomotiv Sanayi  FROTO.IS  drop more than
3% after the Turkish automaker reported Q2 net profit below
expectations
    ** Ford Otomotiv Sanayi Q2 net profit slumps to 5.98 billion
lira from 10.6 billion lira a year earlier
    ** J.P.Morgan says Ford Otomotiv Sanayi's Q2 net profit is
2% behind its estimates and 17% below consensus
    ** "Sales volume lagged behind guidance, with profitability
hit by intense promotions in Turkey and extended new model
launches, leading to higher inventory build-up and impacting Q2
profitability," JPM says 
    ** The stock is among worst performers on Turkey's BIST 100
index  .XU100  which rises 1.42%


 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))