Hakan Bayman, general manager of tyre-maker Brisa Bridgestone, a 43.63-43.63 JV between one of Turkey’s largest conglomerates Sabanci Holding and Bridgestone Corporation, announced that the company may revise its 2013 growth target to 10% y/y from the current 3% y/y if the 25% y/y expansion in the domestic market, recorded in the first quarter, continues in the remainder of the year. The company managed to maintain its export revenues in the first quarter through diversifying its export markets despite a 12% y/y contraction in its largest export market the European Union, according to Bayman.
Brisa invested USD 800mn this year and targets a USD 1bn turnover in 2015, Bayman asserted.
Brisa increased its net profit by 103% y/y in Q1 from TRY 13mn a year ago, although its turnover slightly declined by 1% y/y to TRY 319mn. Brisa’s gross profit increased by 31% y/y in the first quarter despite the decline in the turnover, thanks to the wider decline in the cost of goods sold.
| Brisa Financials | |||
| (mn TRY) | 2012-Q1 | 2013-Q1 | (y/y) |
| Revenues | 321 | 319 | -1% |
| Gross Margin | 63 | 83 | 31% |
| Operating Income | 20 | 35 | 74% |
| Net Income | 13 | 26 | 103% |
| Source: PDP | |||
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