Ulker falls after surprise Q3 loss

Ulker Biskuvi Sanayi AS

Mon 07:29

** Shares in Ulker Biskuvi Sanayi ULKER.IS fall around 4% after the Turkish food maker reported a surprise Q3 net loss, missing market expectations
** Ulker posted Q3 net loss of 546 million lira ($11 million) versus market expectations for a 125 million lira profit
** Q3 revenue declined to 28.9 billion lira from 33.0 billion lira a year ago, while EBITDA came in slightly above market forecasts, according to brokerage Global Menkul Degerler
** Global Menkul Degerler says higher financing costs and lower monetary gains were the main drivers behind the earnings deterioration
** It notes that operating profitability remained weak, with continued pressure on gross and EBITDA margins despite sales volumes holding up
** Stock is among the weakest performers on the BIST 100 index .XU100, which is up 0.75%

     
     
     
($1 = 50.1638 liras)

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