Goodyear of Turkey Falls After 1st-Quarter Profit Drops 50%

Goodyear Lastikleri TAS (GOODY), the Turkish unit of Goodyear Tire & Rubber Co. (GT), fell to the lowest in more than two weeks after first-quarter profit plummeted 50 percent.

Goodyear Lastikleri dropped 4.5 percent to 53.50 liras at the close in Istanbul, the weakest since April 17, extending the company’s retreat this week to 10 percent.

First-quarter net income declined to 12.6 million liras ($7.2 million) from 25.2 million liras a year ago, according to a filing with the Istanbul Stock Exchange after the market closed yesterday.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

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

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