Turcas sees drop in profits
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Mayıs 06, 2009 00:00
ISTANBUL - Turcas Petrol, a Turkish energy company, reported its net profit dropped by 58 percent and operational profit fell by 55.3 percent in 2008, compared to 2007.
During the 2008 financial year Turcas’ operational profit totaled 49.1 million Turkish Liras and net profit was 45.2 million liras. There was also a minor drop in total assets: from 523.4 million liras to 520.9 million liras.
Turcas Petrol is Turkey’s biggest energy firm listed on the Istanbul Stock Exchange. Erdal Aksoy, chairman of the board of directors at Turcas, noted three reasons for the drop in profits, largely related to volatility in commodity prices. He said the first reason for the decline was a drop in the unit margins at Shell & Turcas Petrol, of which Turcas owns 30 percent, deriving from a notable rise in oil prices.
"The second reason was the loss of some 12.5 million liras deriving from our 25 percent holding in SOCAR & Turcas, connected to our majority ownership in Petkim,"Aksoy said. 3The third reason was the losses deriving from the high reference price for gas imports throughout the year at our subsidiary Turcas Gaz, which forms our natural gas imports and wholesale arm," he added.
Commodity prices will remain Turcas’ main challenge in 2009, Turcas board member Batu Aksoy told the Hürriyet Daily News & Economic Review. "We made significant inventory losses due to fluctuations in commodity prices last year. Economic recovery and commodity prices will be the only way up in 2009. We are already witnessing margins going up, as well as less volatility in oil prices. But instead of high or low prices, it is much more important to see steady and gradual evolution of prices, to sustain the business and make profits," Aksoy said.
In 2009, one of Turcas’ main priorities will be developing wind energy in Turkey. "We have filed an application to the regulator to operate wind energy farms in six locations in northwest and southern Turkey. We are also working on a natural gas project with RWE in Denizli. These are the points of focus for us this year," Batu Aksoy said. The joint venture deal between RWE Holding and Turcas consists of the construction of an 800MW combined cycle gas turbine power plant in Denizli. Süreyya Serdengecti, Turcas Petrol board member, said the outlook for 2009 will depend on how fast or slow the global economy recovers from the crisis and on how the government handles the negative global effects. "The short-term effect from the combination of loose fiscal monetary policies, government measures in a global environment and scarce external liquidity on growth and unemployment remains to be seen," he said. "The ongoing discussions with the International Monetary Fund, once over, will hopefully give additional information about what can be expected for 2009 and beyond."
Turcas Petrol is Turkey’s biggest energy firm listed on the Istanbul Stock Exchange. Erdal Aksoy, chairman of the board of directors at Turcas, noted three reasons for the drop in profits, largely related to volatility in commodity prices. He said the first reason for the decline was a drop in the unit margins at Shell & Turcas Petrol, of which Turcas owns 30 percent, deriving from a notable rise in oil prices.
"The second reason was the loss of some 12.5 million liras deriving from our 25 percent holding in SOCAR & Turcas, connected to our majority ownership in Petkim,"Aksoy said. 3The third reason was the losses deriving from the high reference price for gas imports throughout the year at our subsidiary Turcas Gaz, which forms our natural gas imports and wholesale arm," he added.
Commodity prices will remain Turcas’ main challenge in 2009, Turcas board member Batu Aksoy told the Hürriyet Daily News & Economic Review. "We made significant inventory losses due to fluctuations in commodity prices last year. Economic recovery and commodity prices will be the only way up in 2009. We are already witnessing margins going up, as well as less volatility in oil prices. But instead of high or low prices, it is much more important to see steady and gradual evolution of prices, to sustain the business and make profits," Aksoy said.
In 2009, one of Turcas’ main priorities will be developing wind energy in Turkey. "We have filed an application to the regulator to operate wind energy farms in six locations in northwest and southern Turkey. We are also working on a natural gas project with RWE in Denizli. These are the points of focus for us this year," Batu Aksoy said. The joint venture deal between RWE Holding and Turcas consists of the construction of an 800MW combined cycle gas turbine power plant in Denizli. Süreyya Serdengecti, Turcas Petrol board member, said the outlook for 2009 will depend on how fast or slow the global economy recovers from the crisis and on how the government handles the negative global effects. "The short-term effect from the combination of loose fiscal monetary policies, government measures in a global environment and scarce external liquidity on growth and unemployment remains to be seen," he said. "The ongoing discussions with the International Monetary Fund, once over, will hopefully give additional information about what can be expected for 2009 and beyond."