Automaker Tofas rises as Q2 income beats estimates by more than third

Tofas Turk Otomobil Fabrikasi

27/07/2023 08:43

** Shares of Turkey's Tofas  TOASO.IS  rise 3% after its Q2
net profit smashed market expectations, with analysts noting
positive impact from forex
    ** The Turkish automaker's Q2 net profit more than triples
to 4.94 billion lira ($183 million) from 1.18 billion lira a
year earlier, beating consensus expectation of 3.6 billion lira
by 38%
    ** "Strong results mainly owes to better than expected gross
margin and FX gains below EBITDA line" Yatirim Finansman says
    ** "We expect to be positive for Tofas shares due to the
improvement seen in both quarterly and annual basis in net
profit and operational margins, which were well above
expectations", the brokerage adds
    ** The stock is among the best performers in Turkey's BIST
100 index  .XU100  (+0.96%)

($1 = 26.9530 liras)

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