Turkey's Sabanci Holding posts 1.73 billion lira in net profit in 2013

ISTANBUL - Turkey`s Sabanci Holding , one of Turkey`s largest industrial and financial conglomerate by profit, posted a 7 percent decrease in its 2013 net profit to 1.73 billion Turkish lira ($793 billion) from 1.85 billion liras in 2012.

According to an income statement to Borsa Istanbul (Turkey`s main stock exchange), the conglomerate’s consolidated sales witnessed a 15 percent increase in the last year, reaching 24 billion lira ($11 billion).

Sabanci Holding’s Chief Executive Officer, Zafer Kurtul, said that the company has invested more than 6.6 billion lira ($3 billion) in Turkey’s electricity sector over the last year, buying two electricity providers from the Turkish government.

Kurtul also said that Sabanci Holding bought a 50.8 percent stake in Carrefoursa, a joint venture company between Sabanci Holding and Europe’s largest retailer, Carrefour, who has a 46.2 percent stake.

“Sabanci Holding`s will thus lead the next stage of development, putting its knowledge of Turkey and its market to good use along with its strong management structure,” he added.

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