Turkey's BIM says net profit up 86 pc

Turkish discount retailer BIM beats forecasts as it attracted price-conscious shoppers during a recession.

Turkey's BIM says net profit up 86 pc

Turkish discount retailer BIM said net profit jumped 86 percent to 212.9 million lira ($141 million) last year, beating forecasts as it attracted price-conscious shoppers during a recession.

The fast-growing company, often dubbed the Turkish Aldi, after the German discount grocer, said sales climbed 25 percent last year to 5.32 billion lira.

Analysts on average had forecast a net profit of 209.45 million lira, according to Thomson Reuters I/B/E/S.

Fourth-quarter figures were not immediately available but subtracting previously reported nine-month figures, the company achieved a fourth-quarter net profit of 50.8 million lira and sales of 1.412 billion lira.

Shares in BIM closed 5 percent higher at 73.5 lira on Wednesday, outperforming the main Istanbul index which rose 2 percent.

BIM has some 2,675 stores and attracted increasingly cost-conscious shoppers as the economy shrunk some six percent last year.

Around half of BIM is publicly owned and it has attracted interest among foreign institutional shareholders.

Of 14 recommendations on the stock, four are "buy" or "strong buy", nine are "hold" and one "underperform". ($1=1.5125 lira)

Reuters

Güncelleme Tarihi: 18 Mart 2010, 09:03

SeydiAli

YORUM EKLE