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Bagfas Falls in Istanbul After 1st-Quarter Profit Drops 31%

May 4 (Bloomberg) -- Bagfas Bandirma Gubre Fabrikalari AS, a Turkish fertilizer producer, declined to the lowest level in a week after reporting first-quarter profit slumped.

Bagfas dropped 3 percent to 193 liras at the close in Istanbul, the weakest since April 26.

Net income plummeted 31 percent to 12.7 million liras ($7.2 million) from 18.4 million liras a year ago, Bagfas said in a statement to the Istanbul Stock Exchange today.

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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