Turkish Akcansa posts Q1 loss of TRY3.3m

Turkish Akcansa posts Q1 loss of TRY3.3m
Published: 13 May 2009

Turkish cement manufacturer Akcansa  posted a first quarter loss of TRY3.3m which resulted from financial costs generated by exchange rate fluctuations, it said on Tuesday.

It posted a net profit of TRY8.2m in the same period last year.

Akcansa, jointly owned by Sabanci Holding and HeidelbergCement Group said it had sales of TRY135.5m in the first quarter.

Operating profit in the first quarter was TRY16.9m.

"Despite the profit fall, resulting from exchange rate changes, we are maintaining our expectations for the future and continuing with our investments," Akcansa General Manager Hakan Gurdal said in a statement.

Last year its net profit fell 44 percent 104.3 million lira.

The construction market weakened sharply towards the end of the year as the global economic crisis hits the once-fast growing Turkish economy.