Tofas, Fiat’s Turkish affiliate booked fourth quarter net income up 9.6% to TRY131m (US$74.7m; EUR56.5m), ahead of estimates, after gains from a property sale and taxation.

The company was expected to earn TRY121.4m according to the average of 13 analysts estimates compiled by Bloomberg News.

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Fourth-quarter profit was boosted by a one-off gain of TRY17.4m from a property sale and TRY9m of deferred tax income, Istanbul-based Tera Brokers said, according to Bloomberg.

Quarterly profit climbed at a slower pace than the full-year figure, which increased 23% to TRY474.2m, Tofas said in a statement filed with the Istanbul stock exchange.

Tofas Turk Otomobil Fabrikasi AS is a joint venture between Fiat and Koc Holding, Turkey’s biggest group of companies.

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