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November 17, 2005

TURKEY: Tofas nearly doubles net profit

Nine-month profit at vehicle maker Tofas nearly doubled due to cost-cutting measures, even as net sales fell due to a moderation of demand in the domestic market.

Nine-month profit at vehicle maker Tofas nearly doubled due to cost-cutting measures, even as net sales fell due to a moderation of demand in the domestic market.

According to Reuters, Tofas chief executive Alfredo Altavilla said on Thursday the company’s nine-month net profit rose 95% to 109.8 million new lira (US$80.7 million) compared with the same period last year.

However net sales fell 6.8% to 1.84 billion lira in the January-September period versus 1.97 billion lira. The company sold 123,212 units in the nine months, with the Doblo model accounting for 79,534, up from total sales of 122,140 units, the report added.

“First of all even though our turnover slightly decreased in the first nine months, our profit has increased because we increased profitability in sales,” Altavilla told Reuters. “We went through cost reduction in our products, general expenses and administrative costs.”

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