Turkish food manufacturer Ulker Biskuvi slips after Q2 profit miss

Ulker Biskuvi Sanayi AS

13/08/2024 10:35

** Shares in Ulker Bisküvi  ULKER.IS  drop almost 3% after
the Turkey-based food manufacturer reported Q2 net profit below
expectations
    ** Ulker Biskuvi announced Q2 net profit of 1.26 billion
lira  ($37.55 million) versus loss of 2.47 billion lira a year
earlier but missed a consensus estimate by 25%
    ** "The stable Turkish lira as well as limited pricing took
its toll on Ulker, slowing down the international revenue growth
in lira terms and reducing investment returns", J.P.Morgan says 
    ** J.P.Morgan says this leads the company to miss consensus
estimates by around 25% at the earnings level
    ** The stock is the worst performer on Turkey's BIST 100
index  .XU100  which is down 0.18%


($1 = 33.5590 liras)

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