BGC Partners: DOAS 3Q19 EARNINGS – BETTER
Dogus Otomotiv reported 3Q19 net profit of TL41mn (vs. net loss of TL8mn in 3Q18), almost twice as high as expected. We expected a net profit of TL16mn while the consensus expectation was TL21mn. The higher than expected net profit of TL41mn is due to 1) Higher than expected contribution from associates through equity pick-up method materializing at TL62mn vs. our expectation of TL33mn, 2) Net tax income of TL6mn vs. our expectation of nil.Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.
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
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