Turkey's Sok Marketler slips after Q2 profit miss, outlook cut

Sok Marketler Ticaret AS

11/09/2024 09:06

** Shares in Sok Marketler  SOKM.IS  drop nearly 8% after
the Turkey-based discount grocery retailer delivered a
lower-than-expected Q2 profit, cut its 2024 EBITDA guidance
    ** It reported net profit more than halving to 175.8 million
lira in the quarter, and scaled down EBITDA margin target to
around 4% from 6%
    ** Brokerage Deniz Yatirim says Sok Marketler's net profit
was below consensus estimate of 263 million lira, adding it
expects the miss and guidance cut to dampen investor sentiment
    ** Brokerage Halk Yatirim attributes the miss to higher
operational expenses, which resulted in a greater operational
loss than anticipated
    ** The stock is worst performer on Istanbul's main BIST 100
index  .XU100  which is down 0.19%


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