Turkey's Ulker Biskuvi slides as FX leverage hits Q2 results
18/08/2022 10:08
** Ulker Biskuvi Sanayi's ULKER.IS shares slip 4.4% after
the Turkish biscuit maker's Q2 numbers missed estimates by a
wide margin, with a broker pointing to impact from high FX
leverage
** Ulker reported net loss of 648.6 million lira ($36.11
million) versus profit of 221.1 million lira a year earlier
urn:newsml:reuters.com:*:nS8N2WN01S
** Brokerage Ziraat Yatirim says the net result missed
consensus estimate for a loss of 242 million and the broker's
forecast of 258 million lira
** JPMorgan says Ulker's relatively strong Q2 operating
performance was again overshadowed by high FX leverage and
negative returns from cash investments
** Ziraat Yatirim predicted a slightly negative market
reaction due to the earnings miss
($1 = 17.9620 liras)
(Reporting by Canan Sevgili and Halilcan Soran)
((canan.sevgili@thomsonreuters.com
Halilcan.soran@thomsonreuters.com))