Koc Holding AS’s third-quarter net profit dropped 43% as the global recession affected revenues at Turkey’s largest company, which is also a Fiat and Ford partner. Net profit decreased to 466.4 million lira ($314.9 million) in the latest three-month period compared to 814 million lira in the same period last year.

Revenues from the company’s interests, which include refiner Tupras, auto manufacturers Tofas (with Fiat) and Ford Otosan and Yapi Kredi Bank fell to 11.49 billion lira from 14.41 billion lira a year earlier. Turkey is one of the countries hit the hardest by the global economic crisis. Its economy shrunk by 7% in the second quarter when Koc’s profits fell by 60%. Shares in Koc Holding have risen 74% since the start of the year, underperforming the Istanbul Stock Exchange, up 81% during the same time period.

[via autonews]

Tags: car news, Fiat, fiat koc holding profits, fiat news, koc holding as q3 profits

This entry was posted on Sunday, November 15th, 2009 at 1:09 am and is filed under 2009, 4wheels News, Automakers, Europe, Fiat, Year, Zone. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.