Sabanci Holding Tumbles After Profit Drops 26%: Istanbul Mover

Haci Omer Sabanci Holding AS, Turkey’s second-biggest group of companies, slumped the most this year after missing analysts’ estimates for first-quarter profit and revising its sales forecast downward.

Sabanci Holding dropped as much as 4.1 percent, the most since Dec. 12, before paring its loss to 3.3 percent at 7.02 liras at the close in Istanbul.

Net income at the company, which owns stakes in lender Akbank TAS and energy producer Enerjisa Enerji Uretim AS, slipped to 296.4 million liras ($162 million) from 401.5 million liras a year earlier, Sabanci said in a statement to the Istanbul Stock Exchange today. The company was expected to earn 344.9 million liras, according to the average of nine analyst estimates compiled by Bloomberg.

Sabanci targets sales growth of more than 10 percent this year, chief executive Zafer Kurtul said in an e-mailed statement today. The company previously planned to increase sales 20 percent, Kurtul’s said at a news conference in Istanbul Feb. 24.

Koc Holding AS, Turkey’s biggest group of companies, also reported a decline in first-quarter profit today to 538 million liras from 545 million liras a year ago. Koc shares slid 1.3 percent to 6.02 liras.

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