Turkish food manufacturer Ulker Biskuvi slips after Q3 profit miss

Ulker Biskuvi Sanayi AS

08/11/2024 08:18

** Shares in Ulker Bisküvi  ULKER.IS  drop 6.08% after the
Turkey-based food manufacturer reported Q3 net profit below
expectations
    ** Ulker Biskuvi announced Q3 net profit of 470.5 million
lira versus profit of 2.05 billion lira a year earlier and
missed a consensus estimate of 1.41 billion lira profit
    ** J.P.Morgan says Ulker's revenues and EBITDA fell short of
consensus expectations by 9% and 12%, respectively, resulting in
a 67% miss at the earnings level
    ** JPM says net income drops 85% year on year on the back of
weaker operational performance, lower monetary gains and rising
tax expenses
    ** "We expect the market to perceive the results as
negative" JPM says
    ** The stock is the worst performer on Turkey's BIST 100
index  .XU100  which is up 0.59%

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