Operating profit of Turkish industrial sector falls in 2014

The operating profit of Turkeyand’s 500 largest industrial companies dropped from TL 36.4 billion in 2013 to TL 30.5 billion in 2014, the Istanbul Chamber of Commerce (iSO) has announced.
In a press meeting on Tuesday iSO released its annual list for the top 500 industrial firms andndash known as the iSO500 andndash according to their sales revenues. During the meeting Erdal Bahandcivan, the chairman of iSO, said: and”The profit rate on operations of our 500 largest industrial firms decreased from 8 percent in 2013 to 6.4 percent in 2014. andhellip Unfortunately, we face the same picture this year. The operating profit of the largest companies seem to have seriously collapsed.and”
According to the list, the total sales revenue of the iSO500 showed a 3.9 percent increase from TL 455 billion to TL 473 billion. Bahandcivan said, and”It is challenging that this increase fell behind the inflation rate of 8.2 percent in 2014.and”
Bahandcivan also said the number of companies that posted a loss in their balance sheet fell from 129 in 2013 to 83 in 2014. The remaining 417 industrial firms recorded a net profit last year.
Turkeyand’s largest oil refining company, the Turkish Petroleum Refineries Corporation (TanduPRAi), retained its spot as number one on the list of the top 500 industrial companies with TL 37.5 billion in sales revenue. While Ford Otomotiv ranked second on this list with TL 10.5 billion, Oyak-Renault followed it with TL 8.78 billion in sales.
After the top three, the largest 10 industrial companies of Turkey in 2014 were Arandcelik, the Electricity Generation Holding Company (EanduAi), iandcdai, iskenderun Demir andcelik, Ereili Demir andcelik, Tofai and Aygaz. The leading conglomerate Koandc Holding had three companies in the first five and five in the first 10.

SOURCE: Today’s Zaman