Tekfen: Falls as loss in contracting segment weighs on Q4

Tekfen Holding

26/02/2021 08:26

** Shares in Tekfen  TKFEN.IS  are down nearly 5% after the
Turkey-based holding posted on Thursday worse-than-expected Q4
figures due to a loss in contracting segment  urn:newsml:reuters.com:*:nIKAbJkxbT
    ** The company reported net loss of 191 million lira in Q4
vs consensus estimate of 219 million lira profit according to
Yatirim Finansman  
    ** "EBITDA margin was again negative for contracting
business at -8.7% in Q4 and -4.8% for FY," the brokerage adds
    ** Yatirim Finansman expects market reaction to be negative,
but says it would remain buyers as the company may recover cost
overruns from last year and potential new project additions
would help improve outlook for contracting business
    ** Stock at the bottom of Turkish blue-chip index  .XU030 
    

 ((halilcan.soran@thomsonreuters.com;
canan.sevgili@thomsonreuters.com))