Bloomberg News

Tekfen Rises to Highest This Month After Profit Beats Estimate

May 10, 2012

Tekfen Holding AS (TKFEN), a Turkish builder, climbed to the highest level this month in Istanbul after saying first-quarter profit increased 21 percent to 92.4 million liras ($52 million), exceeding estimates.

Tekfen rose 3.9 percent to 6.38 liras at the 5:30 p.m. close, the highest level since April 30. The increase was the biggest since March 26.

Net income rose from 76.3 million liras in the first quarter of last year, Tekfen said in a filing with the Istanbul Stock Exchange today. The company was expected to earn 80.8 million liras, according to the average of six analyst estimates compiled by Bloomberg.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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