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Turkey’s Otokar Falls After Third-Quarter Profit Declines 77%

Oct. 21 (Bloomberg) -- Otokar Otomotiv & Savunma Sanayi AS, a producer of minibuses and military trucks, dropped to the lowest in more than two weeks after reporting third-quarter profit fell 77 percent.

The shares dropped 1.4 percent to close at 34.30 liras in Istanbul trading, the lowest since Oct. 4.

Third-quarter profit was 2.35 million liras ($1.28 million), compared with 10.1 million liras in the same period of 2010, the company said in a statement to the exchange today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at Bharvey11@bloomberg.net

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

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