Koc Holding posts shrinking profits

The prominent Koc Holding group sustained a drop in profits during the first quarter of this year, according to an announcement by the company on Monday.

Koc Holding posted profits of TL 459.2 million, an 18 percent decline from the TL 562 million in profit the company brought in last year. The primary reason for the reduced profits was due to a heavy decrease in revenue sustained by the Turkish Petroleum Refineries Corporation (TuPRAi), which Koc Holding operates.

Koc’s sales revenues fell 12 percent, reaching TL 13.7 billion in the first quarter of this year.

Meanwhile, the Dogan Holding group posted a loss of TL 42.9 million in the first three months of 2015, said the company in an announcement on Monday. This was a substantial decline from their losses in the first quarter of 2014, where the company posted TL 61.2 million.

SOURCE: TODAY’S ZAMAN