Tofas Fourth-Quarter Profit Rose 9.6%, Beating Estimate

Tofas Turk Otomobil Fabrikasi AS (TOASO), the Turkish unit of Fiat SpA (F), said profit in the fourth quarter climbed 9.6 percent, beating estimates, after gains from a property sale.

Net income rose to 131 million liras from 119.5 million liras in the same period of 2010, Tofas said in a filing with the Istanbul Stock Exchange after markets closed yesterday. The company was expected to earn 121.4 million liras, according to the average of 13 analysts estimates compiled by Bloomberg.

Fourth-quarter profit was boosted by a one-off gain of 17.4 million liras gain from the real estate sale and 9 million liras of deferred tax income, Istanbul-based Tera Brokers said in an e-mailed report today. Unit sales declined in the period from a year ago, it said.

Profit climbed at a slower pace than the full-year figure, which increased 23 percent to 474.2 million liras, Tofas said in the statement.

Tofas is a joint venture between Fiat and Koc Holding AS (KCHOL), Turkey’s biggest group of companies.

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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