News Column

Teknosa posts TL 3 bln in profits, predicts tough 2014

February 6, 2014

ISTANBUL (CIHAN)- Turkish consumer electronics retailer Teknosa grew 27 percent in 2013 and finished the year with TL 3 billion in profits, the president of Sabanci Holding's retail group, Haluk DinÇer, said on Thursday -- though he added that 2014 will be a difficult and uncertainty-filled year for the economy.

At a press conference to announce results from 2013 and predictions for 2014, DinÇer said the company beat growth forecasts in 2013, taking 38 percent of Turkey's technology retail market. He said the company predicts adding new stores, creating 1,500 new jobs and making TL 4 billion in profits for 2014, while also forecasting growth of 15 percent.

In the meantime, DinÇer said there will be some difficulties ahead for the sector as a result of new credit card regulations curtailing installment plans available to consumers for some purchases -- particularly consumer electronics -- but added that the sector will return to normal by mid-year, with an 8 percent expansion predicted for the electronics sector in 2014. He said Teknosa will speed up investment in stores as well as target growth in online services.

"We have confidence in Turkey's potential and dynamism. There will be no revisions to the 2014 targets. The current economic conditions are temporary. Our investments are based on strategic and long-term decisions," he said.

Teknosa has set its sights on becoming one of the top three electronics retailers in Europe by 2023 and the company plans to focus on appliances in 2014. (Cihan/Today's Zaman)


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Source: Cihan News Agency (Turkey)

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