Oct. 30 (Bloomberg) -- Vestel Beyaz Esya Sanayi & Ticaret AS, a Turkish maker of home appliances, advanced to its highest level in 30 months after returning to profit in the third quarter on increased sales to Europe.
The shares rose 7.9 percent to 3.14 liras at the close in Istanbul, the highest level since May 2011. About 3.13 million shares changed hands, more than 24 times the stock’s three-month daily average, data compiled by Bloomberg show. The Borsa Istanbul National 100 Index slipped 0.8 percent.
Third-quarter net income at Istanbul-based Vestel Beyaz was 17 million liras ($8.5 million), compared with a loss of 22.7 million liras in the same period last year, according to a filing after the market closed Oct. 28 for a national holiday. Sales to Europe rose 21 percent to 278.7 million liras.
“Profit compares favorably to both last year and the previous quarter’s 15.3 million liras,” Basak Dinckoc, an analyst at Is Investment in Istanbul, said by phone today. Investors may also be focusing on nine-month figures, she said. Net income in the first nine months was 45.5 million liras, compared to a loss of 3.12 million liras last year.
Vestel Beyaz produces refrigerators, washing machines, cookers, dishwashers, air-conditioners and water-heaters at its facilities in Manisa, western Turkey, according to its website.
Parent Vestel Elektronik Sanayi ve Ticaret AS, which owns a 85 percent stake according to a filing with Borsa Istanbul today, rose 1.5 percent to the highest level since Aug. 14.
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