Otokar Falls in Istanbul After First-Quarter Profit Declines

Otokar Otomotiv & Savunma Sanayi AS (OTKAR), a Turkish producer of buses and military trucks, fell after reporting that first-quarter profit declined 31 percent.

Otokar dropped 2.3 percent to 30.2 liras at the close in Istanbul, the lowest level in more than a week. Net income fell to 6.33 million liras ($3.6 million) from 9.19 million liras in the first quarter of 2011, Otokar said in a statement to the Istanbul Stock Exchange today.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

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