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Sinpas Gains as CEO Says Profit Seen Tripling in 2011

Dec. 2 (Bloomberg) -- Sinpas Gayrimenkul Yatirim Ortakligi AS, a Turkish real estate developer, surged in Istanbul after the company’s chief executive forecast profit may triple to 314 million liras ($211 million) and sales rise to 793 million liras in 2011.

Sinpas rose as much 11 percent, the biggest intraday increase since November 10, 2009. The share gained 17 kurus, or 8.6 percent, to 2.15 liras at 5:30 p.m., when the market closed for the day.

Sinpas expects 100 million to 120 million liras of net income and 500 million liras of sales this year, CEO Omer Faruk Celik said at a press conference in Istanbul today.

“We aim to sell 15,000 houses in six years from now,” Celik said. The company, the third biggest real estate developer by market value on the Istanbul Stock Exchange, according to Bloomberg data, will start four new residential projects in Turkey next year, he said.

The company will continue the policy of giving out 20 percent of its income as dividend to shareholders in future, Celik said.

Sinpas’s growth is coming from projects in Istanbul, Turkey’s biggest city, Celik said. “Of about 100,000 homes sold in Istanbul every year, we want to sell 2,000 of them,” he said. The company will also develop projects in the capital Ankara, western industrial town of Bursa and southern tourist resort of Marmaris, he said.

The company predicted sales of 1.05 billion liras in 2012, when it may have a net income of 247 million, Celik said.

To contact the reporter on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

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