Update: Tekfen Holdıng 1q Net Profıt Surges To Try66.8m
Turkish conglomerate Tekfen Holding AS (TKFEN.IS) Wednesday posted a consolidated first-quarter net profit of 66.8 million Turkish lira ($43.6 million).
The company posted a consolidated net profit of TRY5.7 million in the same period a year earlier.
The company didn't give a reason for the rise in net profit but according to the Istanbul Stock Exchange's website, it mainly stemmed from the declining cost of salesfalling financial costs.
Tekfen Holding's income from sales fell to TRY602 million in the first quarter of the year from TRY643.9 million a year earlierits cost of sales decreased to TRY465.5 million from TRY529.5 million.
The company's financial costs significantly dropped to TRY39.7 million in the first quarter from TRY91.7 million a year earlier, while its operating profit rose to TRY83.4 million from TRY72.2 million.
Tekfen's activities include infrastructureindustrial projects in several countries, including Saudi Arabia, KuwaitIraq.
(YC-YC-E-ENG)