Ford Otosan, the joint venture between Turkish conglomerate Koc Holding and Ford, has posted a 6% rise in third-quarter net profit to 92m lira (US$63m) on sales off 10% to 1.54bn lira.
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Both figures were slightly below consensus forecasts of 95.3m lira profit and 1.56bn sales, according to Thomson Reuters I/B/E/S.
But the news agency noted that profit was recovering from dismal figures at the start of the year when Turkey’s economy fell into deep recession and carmakers were forced to repeatedly suspend production to save costs.
The government made temporary cuts to sales tax on automobiles to try and spur the domestic market.
Ahead of the results announcement, Tera Securities said the third quarter had been Ford Otosan’s best of the year in terms of exports.
The unit recently started shipping Transit Connect small vans to the US.
