Turkey’s Akcansa 1H net profit down

Turkey’s Akcansa 1H net profit down
Published: 14 August 2009

Turkish cement company AkcansaCement posted a 42% on-year fall in first-half consolidated net profit, the Istanbul Stock Exchange website showed late Wednesday.

Net profit totaled TRY40.71m (US$27.5m) in the first half, from TRY70.186m in the first half of 2008.

No reason for the decline in net profit was given but according to the website the company’s income from sales fell to TRY336.4m in the first half from TRY405.3 a year earlier.

The company’s operating profit also decreased to TRY53.9m in the first half from TRY90m a year earlier.

Akcansa said its operating profit more than tripled in the first half compared with the first quarter’s TRY16.9m, due to strong export figures.