Turkey's Koc Holding sees first quarter net profits rise 24 percent compared to the first quarter of 2013.
ANKARA - Koc Holding, Turkey's biggest industrial group said this year’s first quarter profits rose 24 percent to 562 million Turkish Lira (US$270 million) compared to the same period last year.
“Despite the difficult economic condition in the first quarter of this year, Koc holding managed to come through very strongly,” Turgay Durak, CEO of Koc Holding, said.
"Koc Group will focus on risk management and austerity measures while maintaining sustainable growth strategies for the remainder of the year at a time of economic fluctuation and turmoil in nearby countries,” he added.
Durak assessing the company’s first quarter results said that automobile and white goods markets had narrowed in Turkey because of restrictions on credit card and the interest hike on January 28.
“This slowed demand, especially in durable and semi-durable consumer goods but economy recovery in the EU helped to increase Turkey´s exports by 8.9 percent in the first quarter of 2014. “
The group owns home appliance-maker Arcelik and oil refinery Tupras. It also has joint ventures with Italy´s Fiat and US´s Ford Motor in vehicle production.
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