Mardin Cimento Declines Most Since August After Profit Drops

Mardin Cimento Sanayii & Ticaret AS (MRDIN), a Turkish cement producer, fell the most since August after reporting a 60 percent drop in first-quarter profit and missing estimates.

Mardin Cimento lost 4.4 percent to 6.60 liras at the close in Istanbul.

Net income fell to 6.7 million liras ($3.8 million) from 16.8 million liras a year earlier, Mardin said in a statement to the Istanbul Stock Exchange after the market closed May 4. It was expected to earn 14.5 million liras, according to the average of four analyst estimates compiled by Bloomberg.

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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