Ahmet Kirman , general manager of glassmaker Turkiye Sise ve Cam Fabrikalari (Sisecam), told Reuters that the company decided to wait for the right time to hold a public offering for its subsidiary Pasabahce. Market conditions do not look favourable for an IPO this year, Kirman said. Sisecam will also be cautious about its new investments this year due to market conditions, according to Kirman. Sisecam's subsidiary Anadolu Cam has not resumed production at its OAO Ruscam Pokrovsky plant in Russia , Kirman said. Anadolu Cam informed in July that it decided to suspend production temporarily at its OAO Ruscam Pokrovsky plant due to Anadolu Cam's plans to restructure operations in Russia . Kirman also commented that Sisecam Group's sales revenues may be higher than 2013 this year if Turkish economy achieves the government's growth target of 4% in 2014. Sisecam increased its consolidated net income by 40% y/y to TRY 99.6mn in Q3 from TRY 71.3mn in the third quarter of last year. Consolidated revenues also increased by 14% y/y to TRY 1.51bn in the third quarter from TRY 1.3bn a year ago. In January-September, Sisecam's consolidated net profit declined by 1% y/y to TRY 259mn from TRY 262mn in the same period of last year while consolidated turnover rose by 7% y/y to TRY 4.3bn from TRY 4bn.
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