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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData