Some firms turn crisis to opportunity
Güncelleme Tarihi:
by Pınar Sungur - Referans
Oluşturulma Tarihi: Şubat 07, 2009 00:00
ISTANBUL - Many companies in Turkey have been going through tough times with declining orders and capacity, dismissals, and closures due to waning domestic and global demand. But the period has turned out to be a source of opportunity for others.
Emek Elektrik in the electrical industry is among the brightest firms of the recent period. Affected by economic bottlenecks outside its control within the last four years, the firm is experiencing the most profitable period of the past few years. The company aims to enjoy the most successful period of its history this year.
In the retail industry, Carrefoursa draws attention by not giving up its decision to purchase 12 supermarkets in the Black Sea city of Samsun. And Aksa Akrilik has proved to be the brightest firm in the chemical industry with an investment decision worth $1 million.
Emek Elektrik, founded by 11 partners 40 years ago, entered a profitable period in 2008 after periods of distress. The company will complete 2009 with a high order volume, seeing the most successful period in its history, the company said in a filing with the Istanbul Stock Exchange, or IMKB.
From loss to profits
The company, which posted a loss of 421,000 Turkish Liras in the January to September 2007 period, witnessed profits of 1.4 million liras during the same period in 2008. Over the period, the firm’s sales income climbed 26.8 percent to 17.7 million liras. Nearly 78 percent of Emek Elektrik’s shares are free float, or nonrestricted public shares held by small share owners, while 22.3 percent is at the hands of Barmek Holding.
Carrefoursa, which performed the first acquisition of the year in the retail sector, took over 12 supermarkets and their tenancy rights in Samsun in January. The transfer agreement concerning the supermarkets was signed on Jan. 9.
Aksa Akrilik, which operates under the roof of Akrilik Group in the chemical industry, has also drawn attention with a large investment decision amid the crisis.
The company announced last month the decision to invest $1 million to produce super absorbent polimer. The firm aims to complete the investment by the end of the year.
Bandırma Gübre Fabrikaları, or BAGFAŞ, operating in the fertilizer industry, has attracted attention with foreign orders since December. The company received fertilizer orders worth $225,000 from Greece on Dec. 24, 2008, $600,000 from Italy and Greece on Jan. 14 and $2 billion from Brazil on Feb. 2.
Dardanel, a canned fish company that had been seeking a way to compromise with banks over its debts for a period, reached an agreement with all creditor banks in January.
Unlike many companies that gave up selling land and ground plots, Tukaş, a food firm under the roof of Oyak Holding, has announced it will obtain 1.3 million liras for the sale of its 337,000-square meter land in the Aegean city of Manisa.
As many firms change their minds concerning creating partnerships or selling shares due to worries over tumbling prices amid the crisis, Frigo Pak, which operates in the food industry, announced this month its decision to assess various alternatives, including a strategic partnership.
IMF predicts Turkish contraction
In its latest forecast, the IMF predicted the Turkish economy would contract by 1.5 percent this year, but would grow 3.5 percent in 2010. The fund also said the economy might have grown 1 percent in 2008.
The IMF also assumed that annual inflation stood at 10.4 percent last year, adding that it was expected to be 7.9 percent this year and 6.9 percent in 2010.
The Fund predicted that Turkey, Australia and Brazil will be the least affected this year, in terms of general public balances. According to the IMF note, Turkey, Brazil, China and Mexico were the most respondent countries to the global crisis in terms of monetary policy.
According to predictions, global gross domestic product growth this year will be just 0.5 percent, with the United States will contract by 1.6 percent and the Eurozone by 2 percent.
The fund said the G-20 nations, consisting of advanced and developing economies, should pursue policies that would stimulate demand and clean up the financial system.
G-20 leaders are scheduled to meet in London on April 2.
In the retail industry, Carrefoursa draws attention by not giving up its decision to purchase 12 supermarkets in the Black Sea city of Samsun. And Aksa Akrilik has proved to be the brightest firm in the chemical industry with an investment decision worth $1 million.
Emek Elektrik, founded by 11 partners 40 years ago, entered a profitable period in 2008 after periods of distress. The company will complete 2009 with a high order volume, seeing the most successful period in its history, the company said in a filing with the Istanbul Stock Exchange, or IMKB.
From loss to profits
The company, which posted a loss of 421,000 Turkish Liras in the January to September 2007 period, witnessed profits of 1.4 million liras during the same period in 2008. Over the period, the firm’s sales income climbed 26.8 percent to 17.7 million liras. Nearly 78 percent of Emek Elektrik’s shares are free float, or nonrestricted public shares held by small share owners, while 22.3 percent is at the hands of Barmek Holding.
Carrefoursa, which performed the first acquisition of the year in the retail sector, took over 12 supermarkets and their tenancy rights in Samsun in January. The transfer agreement concerning the supermarkets was signed on Jan. 9.
Aksa Akrilik, which operates under the roof of Akrilik Group in the chemical industry, has also drawn attention with a large investment decision amid the crisis.
The company announced last month the decision to invest $1 million to produce super absorbent polimer. The firm aims to complete the investment by the end of the year.
Bandırma Gübre Fabrikaları, or BAGFAŞ, operating in the fertilizer industry, has attracted attention with foreign orders since December. The company received fertilizer orders worth $225,000 from Greece on Dec. 24, 2008, $600,000 from Italy and Greece on Jan. 14 and $2 billion from Brazil on Feb. 2.
Dardanel, a canned fish company that had been seeking a way to compromise with banks over its debts for a period, reached an agreement with all creditor banks in January.
Unlike many companies that gave up selling land and ground plots, Tukaş, a food firm under the roof of Oyak Holding, has announced it will obtain 1.3 million liras for the sale of its 337,000-square meter land in the Aegean city of Manisa.
As many firms change their minds concerning creating partnerships or selling shares due to worries over tumbling prices amid the crisis, Frigo Pak, which operates in the food industry, announced this month its decision to assess various alternatives, including a strategic partnership.
IMF predicts Turkish contraction
In its latest forecast, the IMF predicted the Turkish economy would contract by 1.5 percent this year, but would grow 3.5 percent in 2010. The fund also said the economy might have grown 1 percent in 2008.
The IMF also assumed that annual inflation stood at 10.4 percent last year, adding that it was expected to be 7.9 percent this year and 6.9 percent in 2010.
The Fund predicted that Turkey, Australia and Brazil will be the least affected this year, in terms of general public balances. According to the IMF note, Turkey, Brazil, China and Mexico were the most respondent countries to the global crisis in terms of monetary policy.
According to predictions, global gross domestic product growth this year will be just 0.5 percent, with the United States will contract by 1.6 percent and the Eurozone by 2 percent.
The fund said the G-20 nations, consisting of advanced and developing economies, should pursue policies that would stimulate demand and clean up the financial system.
G-20 leaders are scheduled to meet in London on April 2.