Turkey's Karsan Otomotiv falls on wider Q2 loss

Karsan Otomotiv Sanayii ve Ticaret AS

01/10/2024 11:35

** Shares in Turkey's Karsan Otomotiv  KARSN.IS  drop 7.6%
after the commercial vehicles manufacturer reported a bigger Q2
loss
    ** Its Q2 net loss widens to 285.3 million lira ($8.3
million) from a loss of 270.3 million lira a year earlier
    ** Brokerage ALB Yatirim deems the Q2 net result weak
    ** "Karsan's financial statement showed a loss due to
foreign exchange expenses, a significant increase in operating
expenses, and losses from investment activities" says Serhat
Başkurt, algorithmic operations manager at ALB Yatirim
    ** Karsan is the worst performer on Turkey's main BIST 100
index  .XU100  and on track for its worst day since Aug. 5 if
the losses persist

($1 = 34.1917 liras)

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