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Nortel Netas, Tekfen Holding, Tofas: Turkey Equity Preview

The following stocks may be active in Turkey. Symbols are in parentheses and prices are from the last close.

Turkey’s benchmark ISE National 100 index declined 2,370.86, or 3.8 percent, to 60,760.82 yesterday, the lowest since Sept. 8.

Nortel Networks Netas Telekomunikasyon AS (NETAS TI): The Turkish communications equipment maker owned by OEP RHEA Turkey Tech BV said 2010 net income fell to 23 million liras ($14 million) from 24.9 million liras a year earlier, according to a statement to the Istanbul Stock Exchange after the market closed yesterday. Netas dropped 3 liras, or 2.5 percent, to 119.50 liras.

Tekfen Holding AS (TKFEN TI): The Turkish constructor, which suspended work on a Libyan project because of unrest in the country, was cut to “hold” from “buy” at BGC Partners, with a 12-month price estimate of 6.25 liras, according to a report yesterday. Tekfen fell 12 kurus, or 2.1 percent, to 5.60 liras.

Tofas Turk Otomobil Fabrikasi AS (TOASO TI): The Turkish car maker owned by Fiat SpA and Koc Holding AS said profit last year rose to 384.2 million liras from 360.4 million liras in 2009, according to a statement to the bourse after yesterday’s close. The company was expected to earn 371.9 million liras in a Bloomberg survey. Tofas retreated 58 kurus, or 7.3 percent, to 7.42 liras.

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