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Tofas Slumps to Seven-Week Low After Profit Miss: Istanbul Mover

Tofas Turk Otomobil Fabrikasi AS slumped most in almost seven weeks after the carmaker reported second-quarter earnings that missed analysts’ estimates.

Tofas fell 5.4 percent to 12.3 liras at the close in Istanbul, its biggest decline since June 20. The number of shares traded was 96 percent of the three-month daily average, according to data compiled by Bloomberg. The Borsa Istanbul National 100 index dropped for the first time in four days, retreating 0.4 percent.

The carmaker co-owned by Fiat SpA and Turkey’s Koc Holding AS posted net income of 109.2 million liras ($57 million) for the quarter, according to a statement sent to the bourse after the market closed yesterday. The figure, which missed the average estimate of 127.6 million liras in a Bloomberg survey of 11 analysts, was down 12 percent from the same period last year. Sales fell an annual 4.8 percent to 1.78 billion liras.

“The results have created disappointment among investors,” Ozgur Ucur, an analyst at Finans Invest in Istanbul, said by phone today. “We may see some short-term pressure on the shares.”

Tofas trades at 12 times estimated 12-month earnings, according to data compiled by Bloomberg. That compares with a multiple of 13 for Istanbul-based Ford Otomotiv Sanayi AS and 7.1 for India’s Tata Motors Ltd. Ten analysts recommend buying Tofas shares, while 16 have hold recommendations and two advise selling, data compiled by Bloomberg show.

The carmaker’s shares climbed 18 percent this year, compared with a 5.3 percent slump in the benchmark index.

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