2nd Update: Turkey's Tupras '09 Net Profıt Try811.2m
Turkish oil refiner Turkiye Petrol Rafinerileri AS (TUPRS.IS), or Tupras, Monday posted a consolidated net profit of 811.2 million Turkish lira ($530.4 million) in 2009.
Tupras' net profit was TRY432.2 million in 2008.
The company didn't give a reason for the rise in net profit, but the Web site of the Istanbul Stock Exchange showed that the rise in net profit, reflected mainly lower costs. Tupras' financial costs fell to TRY252.4 million in 2009 from TRY1.1 billion a year earlier, while its cost of sales decreased to TRY18.7 billion from TRY28.5 billion.
The company's net income from sales tumbled to TRY20.3 billion in 2009 from TRY30.4 billion a year earlier.
Its operating profit also fell to TRY1.015 billion in 2009, from TRY1.2 billion a year earlier.
After announcing its 2009 consolidated results, Tupras said it is aiming for $290 million in investment in 2010.
In a statement, the company said it also plans to increase its capacity utilization rate to 76% in 2010 from 69% a year earlier.
The company said it is targeting total sales of 22.9 million metric tons in 2010, from 21.5 million metric tons in 2009.
(YC-YC-E-ENG)