Turkey's Vestel Elektronik YTD losses deepen after Q1 profit miss

Vestel Elektronik Sanayi Ve Ticaret

13/05/2025 08:50

** Shares of Vestel Elektronik VESTL.IS drops about 3% after the Turkish household electronics company reported a larger-than-feared Q1 loss

** Vestel Elektronik, a subsidiary of a large Turkish  conglomerate Zorlu Holding, reported a first-quarter net loss of 5.08 billion lira ($130.93 million), widening from 298.3 million lira a year earlier

** Brokerage Global Yatirim states Vestel's bottomline missed the consensus forecast of a loss of 1.74 billion lira

** Despite a decline in deferred tax expenses, a sharp increase in foreign exchange and interest costs led to a net loss, Global Yatirim says

** Vestel Elektronik currently sits among the worst performers in main BIST 100 index .XU100 which is down 0.6%

** Including today's drop, the stock has lost more than 30% YTD

($1 = 38.7996 liras)

 (Reporting by Canan Sevgili)

 ((canan.sevgili@thomsonreuters.com))