Ko? has cash to weather global rout
Güncelleme Tarihi:
ISTANBUL - Ko? Holding, Turkey's biggest company, said an increase in its net cash position means it will weather the global financial turmoil and may even buy firms abroad.
Ko? has cash of more than $2 billion for acquisitions and to help bolster the capital at its units if needed, Ko? Holding Chief Executive Officer Bülent Bulgurlu said in an interview yesterday.
The company on Nov. 21 announced that third quarter net profit rose 22 percent to YTL 813.9 million ($497 million) after it sold insurance units and posted gains from energy and banking businesses. Net income rose to YTL 813.9 million ($497 million) from YTL 669.5 million a year earlier, the company said in an income statement. Sales rose 33 percent to YTL 14.6 billion.
Ko? on July 21 sold 43 percent of Ko? Allianz Sigorta to Europe's biggest insurer Allianz SE for 228.2 million euros and a 49 percent stake in life-insurance provider Ko? Allianz Hayat & Emeklilik for 125.2 million euros.
Ko? would have reported a 50 percent decline in profit without the gain from selling its insurance units because its financial earnings are lower than last year, said Alper Paksoy, an analyst at EFG Istanbul Securities, in a note to investors yesterday.