Turkey's Tofas 2009 Net Profıt Try360.3m Vs Try175.7m
Turkish automaker Tofas' (TOASO.IS) 2009 net profit rose to 360.3 million Turkish liras ($237.2 million) from TRY175.7 million a year earlier, the Istanbul Stock Exchange's Web site showed Monday.
Tofas didn't give a reason for the rise in net profit, but according to the Web site, the increase stemmed mainly from rising sales.
The company's income from sales rose to TRY5.098 billion in 2009 compared with TRY4.79 billion a year earlier, while its marketing, saledistribution costs fell to TRY143.3 million from TRY173.029 million.
The company's operating profit increased to TRY279.1 million in 2009 from TRY256.7 million a year earlier.
Tofas is a joint venture between Italy's Fiat SpA (F.MI)Turkey's Koc Holding AS (KCHOL.IS).
At 1300 GMT, Tofas' shares were trading on the Istanbul Stock Exchange 1.83% higher at TRY5.55 amid a 0.28% lower overall market.
(YC-YC-E-ENG)