BGC Partners: Brisa <BRISA TI> reported net profit of TL19.3mn in 2Q19 (2Q18: TL11.9mn, consensus: TL18mn; BGC: TL22mn), in line...
Brisa produced 5.6mn tires in 1H19 at 85% CUR, flat vs. 5.6mn in 1H18 at 96% (recall that the capacity increased due to the Aksaray plant). On the other hand, the company sold 2.90mn tires in 2Q19 (domestic: 1.52mn, int’l: 1.38mn), down by a small 0.5% y/y (domestic: -9.4%, exports: +11.6%)), slightly lower than our 3.1mn estimate. Poor demand in the domestic market (highest margin “replacement†segment was down by 18.6% y/y in 1H19, while the “OEM†segment was down by 7.0%), and competition had some negative impact on 2Q19 performance of Brisa (similar to 1Q19), as expectedBrisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.
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