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Friday, 26 August 2011

Sabanci Holding posts 1.1 billion Lira profit

Turkey’s second biggest group of companies, Sabanci Holding, has announced that it posted a net profit of 1.104 billion Turkish Lira for the first six months of 2011.

A statement by the chief executive officer, Zafer Kurtul, said: “The group’s profits for companies excluding finance firms have increased by 60 percent in the first half of 2011 compared with the same period of last year.” While the net profit was 1.1 billion liras, the consolidated profit in total was worth 2.5 billion liras.

Sabanci also revealed that consolidated sales grew by 13 percent to more than 10 billion liras for the first half of the year, while Sabanci’s manufacturing firms grew by an unprecedented 71 percent, Sabanci’s energy companies grew by 28 percent, Sabanci’s retail firms by 17 percent, and finally Sabanci’s cement companies grew by 13 percent in the first half of 2011.

The growth of Sabanci reflects the situation as a whole in Turkey right now. Compared with other European countries, Turkey is really doing well economically speaking. The country is uniquely placed in a region that makes it a power country and one that could be a leader for other countries in the region to follow.

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