Carmaker Ford Otosan said its 2013 net income declined by 6.3% y/y to TRY 641.5mn (
In 2013, the carmaker's revenues rose by 16.8% y/y to TRY 11.4bn while its gross profit increased by 3.8% y/y to TRY 1.13bn.
Ford Otosan had posted a net income of TRY 516.2mn in Jan-Sep, 7.3% y/y up from a year ealier. The company's revenues had increased by 16.2% y/y to TRY 8.1bn in the first nine month from TRY 7bn in Jan-Sep/2012.
Ford Otosan is a joint venture between local conglomerate
Ford Otosan previously planned
Earlier this month, Ford Otosan said in an investor presentation that it expected its production to decline by 15.7% to 237,000 units this year. The carmaker forecasts 100,000 units of retail sales, representing a 12.3% y/y decline from 114,000 in 2013 and 290,000 units of whole sales this year. The company's retail sales stood at 112,000 units in 2012. Ford Otosan expects total industry sales in the domestic market to decline to 715,000 units this year from 885,000 units in 2013. The company was the domestic market leader with a market share of 12.9% in the total industry and 8.8% in passenger cars segment last year while it captured a market share of 20.7% in the light commercial vehicles segment. Ford Otosan also expects its exports to fall 8% y/y to 192,000 units this year. The company plans to invest
In September last year, Ford Otosan informed that it obtained an investment incentive certificate worth TRY 187.4mn from the ministry of economy for its engine investment. The investment covers production of engines for its Ford Cargo trucks and Ford Transit commercial vehicles as well as engine production capacity increase, Ford Otomotiv said.
Ford Otosan Financials
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