Tekfen Holding slumps as Q3 profit misses expectations

Tekfen Holding

10/11/2023 07:26

** Tekfen Holding  TKFEN.IS  shares fall 3.02% after the
Turkey-based holding company active in various sectors, such as
construction, agriculture, finance and real estate reported Q3
results below expectations
    ** Tekfen Holding reports Q3 net profit at 335.4 million
lira ($11.75 million) compared to profit of 735.5 million lira
year ago
    ** Brokerage Halk Yatirim says net profit was 39% below
market expectations and 18% below its own expectations
    ** Halk Yatirim says the miss was due to lower-than-expected
operational profitability
    ** "We evaluate the impact of Tekfen Holding's third quarter
financial results, which indicate a decrease in profit margins,
on share performance as negative" Halk Yatirim says
    ** Tekfen Holding shares are second worst performer on
Istanbul's main BIST 100 index  .XU100  which is down 0.51%


($1 = 28.5480 liras)

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