Vestel Elektronik Rises After Showing Profit in Tax Filing

Vestel Elektronik Sanayi & Ticaret AS (VESTL), a Turkish consumer electronics and home appliances manufacturer, gained after saying first-quarter profit was 90.7 million liras ($50 million) in a filing for tax purposes only.

Vestel Elektronik added 0.5 percent to 2.07 liras at the close in Istanbul, trimming a gain of as much as 7.3 percent.

Profit statements for tax purposes in Turkey are not necessarily indicative of a company’s full earnings, which comply with international accounting rules and are due to be reported later this month. Vestel didn’t provide a comparable figure for the first quarter of 2011 in its filing with the Istanbul Stock Exchange today.

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

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net