BGC Partners - BGC Partners: SELEC - LOWER .. Selcuk Ecza reported a net income of TL113.0mn in 4Q19, lower than expected (consensus: TL127mn, BGC: TL130mn)

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BGC Partners

Erdem Hafizoglu

EUR 103.46 For Business Accounts Only

BGC Partners: SELEC - LOWER .. Selcuk Ecza reported a net income of TL113.0mn in 4Q19, lower than expected (consensus: TL127mn, BGC: TL130mn)

There was a 26.4% rise in pharmaceuticals prices (EUR adjustment) in February 2019; so Selcuk Ecza posted very strong margins in the first half (thanks mainly to inventory gains and top line growth). As the impact faded significantly, the company recorded a lower 2.4% EBITDA margin in 4Q19 (3Q19: 2.9%, 2Q19: 5.5%, 1Q19: 6.8%).

20/02/2020 3 EN

Provider

BGC Partners

BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.

We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:

Mergers & Acquisitions
Equity Capital Markets
Debt Finance & Advisory

See profile

Analysts

Erdem Hafizoglu

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BGC Partners: SELEC - LOWER .. Selcuk Ecza reported a net income of TL113.0mn in 4Q19, lower than expected (consensus: TL127mn, BGC: TL130mn)

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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