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Alarko Drops as Unit Cancels Morocco Project: Istanbul Mover

Alarko Holding AS, a Turkish group with interests in construction and energy, slipped for the first time in three days after a unit canceled a railroad project in Morocco.

Alarko dropped 0.3 percent to 5.8 liras at the close in Istanbul after earlier slumping as much as 3.1 percent. More than 509,000 shares changed hands, about 1.6 times the stock’s three-month average daily volume, according to data compiled by Bloomberg. The Borsa Istanbul National 100 index gained 0.7 percent, climbing for a 10th day.

Alsim Alarko Sanayi Tesisleri ve Ticaret AS, Alarko’s contracting unit, canceled a project that was part of a plan to build a railroad between the cities of Tangier and Kenitra in Morocco, according to a statement after the market closed on May 3. The project was valued at $128 million, representing 7.9 percent of Alarko’s backlog of $1.61 billion as of December, the company’s website shows.

“The development comes a few weeks after fourth-quarter earnings missed estimates, so investors have reacted negatively,” Sercan Uzun, an analyst at Global Securities in Istanbul, said in a phone interview today. “The loss of 8 percent of the backlog may create question marks for the future.”

Alarko’s net income in the final quarter of 2012 was 5 million liras ($2.8 million), calculated by subtracting its nine-month profit reported Nov. 15 last year from full-year results released on April 12. The company may report 10.8 million liras in net income for the first quarter, according to the average estimate of four analysts in a Bloomberg survey.

Alarko shares gained 13 percent this year, compared with an advance of 15 percent in the benchmark index. Eight analysts recommend buying the stock, while two say hold and one recommends selling, according to data compiled by Bloomberg.

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