Turkey's Tofas posts $65m profit in Q1

ANKARA - Tofas, the Italian carmaker Fiat’s partner company in Turkey, posted a net profit of 134 million Turkish lira ($65 million) in the first quarter of this year -- an increase of 27.9 percent compared on the same period in 2013.

Tofas manufactured 51,796 cars in the quarter in Turkey, with 36,550 being exported to foreign countries, the company said in a statement Tuesday.

Tofas sold 13,433 cars in the country, including the imported Alfa Romeo, Lancia, Ferrari and Maserati brands, between January and March of 2014.

Tofas manufactured 240,000 cars in Turkey last year, 160,000 of which were exported to foreign countries.

Its annual net profit in 2013 was 434 million lira ($193.5 million).

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