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Enka Gains in Istanbul as Full-Year Profit Rises: Istanbul Mover

Enka Insaat & Sanayi AS (ENKAI), a builder with operations in Russia, rose after reporting profit climbed 3.8 percent to 849.6 million liras ($471 million) last year.

The shares increased 2 percent to 5.20 liras, its highest since Feb. 8, while the Istanbul Stock Exchange National 100 Index fell 0.6 percent, the measure’s first decline in six days.

Enka’s results showed a “basic improvement in the company’s financials” from its rent and energy businesses, “as a result of an increase in rents, especially in the Russian Federation, along with an increase in electricity prices,” Hakan Aklar, chief economist for Istanbul-based brokerage Ak Investment, said in an e-mailed note to clients.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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