Otokar shares slide as it swings to loss in Q2

Otokar Otomotiv ve Savunma Sanayi

01/08/2024 09:11

** Shares in Otokar  OTKAR.IS  are down 3.9% after the
Turkey-based company, which designs, manufactures and sells
commercial, public transportation and military vehicles,
reported a loss for Q2
    ** Otokar reports Q2 net loss of 921.3 million lira ($27.8
million) vs a profit of 551.9 million lira a year ago
    ** "Despite monetary gain of 1.2 billion lira, Otokar
announced loss in Q2 due to impact of negative operational
income and a deferred tax expense of 626 million lira,"
brokerage Yatirim Finansman says
    ** Brokerage Ziraat Yatirim also expected the market to
react negatively to the results
    ** Otokar is the worst performer on Istanbul's main BIST 100
index  .XU100 , which is up 1.25%

($1 = 33.1542 liras)

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