The net profit of automotive manufacturers whose stocks are traded on the Borsa Istanbul Stock Exchange's benchmark index BIST100 has risen 1.13%.
The shares of eight automotive companies, including Tofaş, Ford Otosan, Türk Traktör, Anadolu Isuzu, Tümosan Motor ve Traktör, Doğuş Otomotiv, Karsan Otomotiv and Otokar are traded on Borsa Istanbul, and the aggregate net profit of these companies for the period January through June reached TL 1.77 billion, compared to TL 1.74 billion in the same period last year.
Despite the cumulative net profit of the aforementioned auto companies on BIST, three of them posted net losses, while five enjoyed profits.
In the first six months, profits for Tofaş surged, while Ford Otosan and Türk Traktör posted decreases in profits. Moreover, Anadolu Isuzu and Tümosan Motor and Traktör announced losses in the first half of last year and in the same period this year. Doğuş Otomotiv, as opposed to profits last year, suffered losses in the first half. Karsan Otomotiv and Otokar managed to turn last year's losses into profits in the first half of this year.
Ford Otosan posts highest net profit
In the first half of this year, Ford Otosan profits increased 5.81% compared to the same period last year, securing TL 733.2 million, up from TL 692.9 million in the same period in 2018. The company's net profits decreased by 3.29%, falling to TL 888.2 million, down from TL 918.5 million in the first half of 2018.
Türk Traktör's net profits dropped by 84.3% to TL 358.998 million as opposed to net profits recorded of TL 136.7 million in the first half of last year.
Anadolu Isuzu posted TL 15.7 million losses in the first six months. The company managed to decrease the amount of losses, which were recorded at TL 31.4 million in the same period last year.
Tümosan Motor and Traktör suffered from rising losses in the first half. The tractor manufacturer's losses rose from TL 6.2 million in the January-June period last year to TL 18.7 million in the same period this year.
Doğuş Otomotiv, after securing TL 136.7 million in profits in the first half of last year, posted TL 44.1 million in losses in the same period this year. Moreover, Karsan Otomotiv managed to write off TL 8.3 million in profits in the first half as opposed to TL 19.9 million last year in the same period. In the same vein, Otokar generated TL 195.3 million in profits, which were TL 78.7 million losses in the first six months of last year.
Sales of automotive firms surpass TL 36 billion
The sales of automotive companies whose shares are traded on the stock market rose by 3.9%, reaching TL 36.1 billion in the first half.
Otokar's sales surged 163% and hit TL 1.2 billion in the first half of the year, the highest sales increase among automakers on the Borsa Istanbul. Karsan Otomotive also recorded a 23% rise in sales and generated TL 758.6 million, while Ford Otosan saw an increase of 18.9% in sales and secured TL 18.2 billion. In the same period, the sales of Doğuş Otomotiv decreased 31.25% in sales, while sales of Tümosan Motor ve Traktör and Türk Traktör fell respectively by 20.65% and 18.12%.
Anadolu Isuzu also saw declines in sales by 11.4% and Tofaş Otomobil posted 2.3% drop in sales.
The shares of eight automobile manufacturers traded on the Borsa Istanbul rose by 12.6%, while the BIST100 rose 5.7% in the first half. Otokar ranked first in stock market performance as the company's shares soared 32.7%, followed by Ford Otosan with 31.5%. Doğuş Otomotiv shares recorded an upward movement at 25.8%, followed by Tofaş whose shares rose 24.4%. Anadolu Isuzu recorded an increase of 15% on its shares on the BIST100.
Shares of Tümosan Motor and Traktör devalued by 14%, and Türk Traktör's shared declined by 9.3%. Karsan saw a 4.6% decrease in the value of its shares on the stock market.