Revenues of Tupras also decreased by 3.2% y/y to TRY 41.08bn in the year from TRY 42.44bn a year ago. The company's gross profit dropped by 12.9% y/y to TRY 1.47bn in 2013 from TRY 1.69bn in 2012.
Tupras' capacity utilization declined to 79.1% last year from 81.6% in 2012.
In the first nine months of 2013, net income of Tupras was TRY 1.08bn, representing a 10.7% y/y rise from a net income of TRY 978.8mn a year ago. The refiner's revenues fell 4.3% y/y to TRY 30.5bn in Jan-Sep from TRY 31.8bn a year ago. The refiner invested a total of TRY 1.95bn in January-September.
Last week, rating agency Fitch said that Turkish corporates, including Tupras, could see their financial profiles weaken under a 30% Turkish lira depreciation scenario. In January, Fitch announced that it affirmed Tupras' long-term foreign currency Issuer Default Ratings (IDRs) at BBB- and national long-term rating at AA+ (tur) while it affirmed Tupras'
In January, Tupras informed that it would pay TRY 309mn of a fine imposed on the company. Tupras was handed a fine of TRY 412mn by the Competition Authority for breaching competition rules. The Authority said that it fined Tupras a TRY 412mn for abusing its dominant position in pricing and contracts. PM Recep Tayyip Erdogan had accused the
In October last year, Tupras informed that it received a TRY 2.9bn worth strategic investment incentive certificate for its
Tupras (consolidated) Financials
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