Ulker Rises to Month High After Full-Year Profit Beats Estimates

Ulker Biskuvi Sanayi AS (ULKER), Turkey’s largest sweets maker, rose to the highest in almost a month after reporting 2011 profit that beat estimates.

Ulker gained 1.8 percent to 5.56 liras, its strongest since Feb. 28, by the close in Istanbul.

Full-year profit was 657 million liras ($368 million), the company said in a statement to the exchange after the close yesterday, beating the 606 million-lira average estimate in a Bloomberg survey of nine analysts.

Ulker’s profit was more than triple the 184.8 million liras the company earned in 2010.

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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