Petkim shares drop after EBITDA miss

Petkim Petrokimya Holding

26/03/2024 11:06

** Shares in Petkim Petrokimya Holding  PETKM.IS  fall
around 10% after the Turkish petrochemical company reported a
drop in its earnings before interest, taxes, depreciation and
amortization (EBITDA) for 2023
    ** Petkim did not provide EBITDA figure, but said loss from
operating activities widened to 6.63 billion Turkish lira from
1.47 billion lira a year ago
    ** According to ALB Yatirim's calculations, EBITDA for 2023
came in at a loss of 2.12 billion lira versus profit of 568
million lira in the year-ago period
        ** Serhat Baskurt, Head of Algorithmic Trading at ALB
Yatirim says the sell-off is caused by a miss on EBITDA
expectations
  
    ** "The market is now pricing based on EBITDA rather than
net profit," Baskurt says
    ** Petkim shares are worst performer on Istanbul's main BIST
100 index  .XU100 , which is down 1.74%

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