Gubre Fabrikalari Rises After Showing Profit in Tax Filing

Gubre Fabrikalari TAS (GUBRF), a Turkish fertilizer producer, climbed in Istanbul after saying first- quarter profit was 192.2 million liras ($106 million) in a filing for tax purposes only to the Istanbul bourse today.

Gubre Fabrikalari rose 1.2 percent to 12.45 liras at the close in Istanbul, the highest level since April 26.

Profit statements for tax purposes in Turkey are not necessarily indicative of a company’s full earnings, which comply with international accounting rules and are due to be reported later this month.

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

To contact the editor responsible for this story: Selcuk Gokoluk at sgokoluk@bloomberg.net

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