Turkiye Sise & Cam Fabrikalari AS (SISE), Turkey’s largest glass producer, fell to the lowest in almost six months after the company and two of its units reported first quarter profit that missed analysts’ estimates.
The shares dropped 2.8 percent to 2.76 liras, their lowest since Nov. 24.
Net income slid to 85.9 million liras ($46.9 million) from 123.1 million liras a year ago, Sisecam, as the company is known, said in a statement to the Istanbul Stock Exchange today. It was expected to earn 114.7 million liras, according to the average of seven analyst estimates on Bloomberg.
Anadolu Cam Sanayii AS (ANACM), a glassmaker in which Sisecam owns a 79 percent stake, slipped 3.1 percent to 2.79 liras after saying in a statement to the exchange yesterday its profit declined to 10.5 million liras, missing the 15.5 million-lira average estimate of four analysts on Bloomberg.
Trakya Cam Sanayii AS, in which Sisecam owns a 69 percent stake, retreated 4.4 percent to 2.38 liras after net income slumped to 11 million liras from 43.3 million liras in the same period last year. The company was expected to earn 29.8 million liras, according to the average of five analysts’ estimates compiled by Bloomberg.
To contact the reporter on this story: Benjamin Harvey in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com