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BGC Partners: Tofas 3Q19 Earnings Review - In line, with upward revision to domestic sales guidance / Positive
Tofas reported 3Q19 net profit of TL298mn (-4% y/y), in line with expectations. The reported net profit is 2% higher than consensus and 15% above our estimate. But, our 3Q19 PBT estimate is completely in line with the reported TL268mn (-18% y/y) with a PBT margin of 6.5%. It is the higher than expected tax income that led to the positive surprise at the bottom line compared to what we expected
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
Berna Kurbay
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