Turkish commercial vehicle maker Ford Otosan made a profit in the first nine months of this year after a loss a year ago when Turkey struggled to recover from a deep recession, Reuters reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Otosan posted unaudited profits of 150.7 trillion lira ($US102 million) for the nine months compared with a 158.6 trillion lira loss in the same period last year, the report said.
The company has said last year’s losses stemmed from a heavy foreign currency-denominated debt load, Reuters noted, adding that the figures do not take into account annual wholesale inflation that reached 19.1% in September.
Reuters said Ford Otosan is a joint venture between local industrial group Koc Holding and Ford, each holding 41.04%, and production this year has surged 258%, while exports have jumped 383%.
The vehicle maker, one of Turkey’s top exporters, aims for exports this year worth €740 million ($863.7 million), the report added.
