Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO), a Turkish real estate developer, rose to the highest in almost five months after the deputy chief executive said sales would rise 22 percent this year.
Sinpas gained 3.1 percent to 1.33 liras, its highest since Oct. 28, bringing the stock’s advance this year to 34 percent.
Sinpas will increase sales to 850 million liras ($473 million) this year, more than the estimated increase in the Turkish real estate market of between 5 percent and 7 percent, deputy CEO Ozkan Ozturk said at a news conference in Istanbul today. That sales forecast compares with a 649.5 million-lira mean estimate of 14 analysts in a Bloomberg survey.
Sinpas’ net income in 2011 will climb to 169 million liras from 61 million liras a year earlier, according to the average of 15 analyst estimates.
Some smaller players in Turkish real estate may have to “pull out of a very competitive market” this year, Ozkan said.
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