Turkey's Karsan Otomotiv falls as Q3 result swings to loss

Karsan Otomotiv Sanayii ve Ticaret AS

12/11/2024 08:11

** Shares in Turkey's Karsan Otomotiv  KARSN.IS  drop 8.6%
after the commercial vehicles manufacturer swung to a Q3 loss
    ** It reports Q3 net loss of 557.6 million lira ($16.3
million) vs profit of 1.26 billion lira a year earlier
    ** Brokerage Integral Yatirim calls the net result weak
    ** "Karsan's net sales fell by 31%, and this, along with
rising costs, higher financial expenses, and increased financing
costs, contributed to the company's loss," the brokerage adds
    ** Karsan is the second worst performer on Turkey's main
BIST 100 index  .XU100  which is down 0.18%

($1 = 34.2240 liras)

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