Bloomberg News

Zorlu Jumps in Istanbul Trading After Profit Beats Estimates

May 17, 2012

Zorlu Enerji Elektrik Uretim AS (ZOREN), a Turkish utility, jumped after it swung to a profit in the first quarter, exceeding analysts’ estimates.

The stock rose 2.6 percent to 1.19 liras at the close in Istanbul, the biggest advance since May 9.

Net income came in at 100.5 million liras ($55 million), compared with a loss of 51.8 million liras a year earlier, Zorlu said in a filing with the Istanbul Stock Exchange today. The company was expected to earn 13.3 million liras, according to the average of four 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: Gavin Serkin at gserkin@bloomberg.net


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