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Profit of listed automotive firms soars in nine months

The combined net profit of automotive companies that are listed on Borsa Istanbul increased by more than 96 percent on an annual basis in the first nine months of 2021 to stand at 9.45 billion Turkish Liras (around $841 million).

Among the eight automotive companies, which have released their financials so far, seven of them posted profit, while one firm reported loss in January-September.

Tümosan managed to increase its net income by 574 percent to 40.9 million, while Ford Otosan made the highest profit in the period at 4.7 billion Turkish Liras, which marked a 108 percent rise on an annual basis.

Tofaş Otomobil claimed the second spot at more than 2 billion liras net profit, followed by Doğuş Otomotiv at 1.56 billion liras. The net income of Türk Traktör grew 130 percent.

Anadolu Isuzu, which posted a net loss in the first eight months of 2020, reported a net income of 40.3 million liras this year.

Another listed automaker,Karsan posted a loss of 13.3 million for January-September after a 6.3 million of profit a year ago.

All listed automotive companies managed to increase sales in the first nine months of 2021, with their combined sales rising more than 53 percent on an annual basis.

Ford Otosan came first in this category at some 45.7 billion in sale, up 60 percent from a year ago, while the sales of Tofaş amounted to 19.6 billion liras. Doğuş Otomotiv claimed the third spot in terms of sales revenue at around 18.5 billion liras.

Meanwhile, the total assets of those listed automotive companies climbed to 60.9 billion liras in the first nine months of 2021 from 77.1 billion liras in the same period of 2020.

Source
hurriyetdailynews

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