Revenues melt in first quarter of year
Güncelleme Tarihi:
by Ebru Tuncay- Referans
Oluşturulma Tarihi: Mayıs 05, 2009 00:00
ISTANBUL - The predicted two-digit contraction for the first quarter of the year arrived with the quarterly results of publicly traded companies. 65 Turkish companies’ profitability plummeted 82 percent compared with the first quarter 2008, while their sales slumped 33 percent on average.
The total profits of 65 corporations trading in the Istanbul Stock Exchange, or IMKB, stood at 391 million Turkish Liras in the first quarter last year. But this quarter, the figure plummeted to as low as 69 million liras.
Falling exports and the domestic slowdown also hit net sales of the same companies, as total sales fell 33.7 percent compared with the first quarter of 2008. In the first three months of last year, these companies had total net sales of 5.5 billion liras, while the figure declined to 3.6 billion liras this year. Only 17 companies posted a rise in net sales, while 48 companies saw declines ranging from 1 percent to 92 percent.
Out of 65 companies, only eight increased profitability in the first quarter this year. Automotive companies are leading those that saw their profits melt. Feniş Alüminyum saw a profit decline of 98 percent, while Ford Otosan's profits fell 81 percent. The profit decline in the first quarter of this year stands at 60 percent for Tofaş. Türk Traktör, which posted a profit in the first quarter last year, reported a loss.
Netaş, meanwhile, stood as an exception as it increased its profits 18-fold. BSH and Vestel, two giants in white goods, increased their profits 294 percent and 269 percent, respectively.
Ford Otosan saw a 58 percent decrease in sales, while Bosch Brake Systems saw a decline of 52 percent. The retreat in sales stood as 34 percent in Petkim, the petrochemicals giant, 33 percent in Tofaş, 32 percent in Good Year and 22 percent in Türk Traktör.
Ceytaş Madencilik became the "champion" in the sales decline, with a 92 percent drop.
Despite the crisis, 17 companies, including six food firms, were able to increase their sales. Merko Gıda led food firms with a sales increase of 58 percent, followed by Konfurt Gıda with 54 percent, Mert Gıda with 48 percent and Kent Gıda with 16 percent increases.
Among industrial companies, Esem Spor, a sports products firm, increased sales a whopping 4,400 percent. Metemtur, a hotel company, increased sales 410 percent, while Plastikkart sales increased 140 percent, and Lüks Kadife sales rose 93 percent.
Falling exports and the domestic slowdown also hit net sales of the same companies, as total sales fell 33.7 percent compared with the first quarter of 2008. In the first three months of last year, these companies had total net sales of 5.5 billion liras, while the figure declined to 3.6 billion liras this year. Only 17 companies posted a rise in net sales, while 48 companies saw declines ranging from 1 percent to 92 percent.
Out of 65 companies, only eight increased profitability in the first quarter this year. Automotive companies are leading those that saw their profits melt. Feniş Alüminyum saw a profit decline of 98 percent, while Ford Otosan's profits fell 81 percent. The profit decline in the first quarter of this year stands at 60 percent for Tofaş. Türk Traktör, which posted a profit in the first quarter last year, reported a loss.
Netaş, meanwhile, stood as an exception as it increased its profits 18-fold. BSH and Vestel, two giants in white goods, increased their profits 294 percent and 269 percent, respectively.
Ford Otosan saw a 58 percent decrease in sales, while Bosch Brake Systems saw a decline of 52 percent. The retreat in sales stood as 34 percent in Petkim, the petrochemicals giant, 33 percent in Tofaş, 32 percent in Good Year and 22 percent in Türk Traktör.
Ceytaş Madencilik became the "champion" in the sales decline, with a 92 percent drop.
Despite the crisis, 17 companies, including six food firms, were able to increase their sales. Merko Gıda led food firms with a sales increase of 58 percent, followed by Konfurt Gıda with 54 percent, Mert Gıda with 48 percent and Kent Gıda with 16 percent increases.
Among industrial companies, Esem Spor, a sports products firm, increased sales a whopping 4,400 percent. Metemtur, a hotel company, increased sales 410 percent, while Plastikkart sales increased 140 percent, and Lüks Kadife sales rose 93 percent.