BGC Partners: ERDEMIR 3Q19 Earnings: The downtrend continues in margins, as expected
Erdemir reported TL784mn net income in 3Q19 (down by 41%, y/y), slightly better than consensus estimate of TL738mn (BGC: TL592mn), thanks mainly to lower tax rate (14.6% in 3Q19 vs. 25.5% in 2Q19 and 51.2% in 3Q18). Due to IFRS regulation, Erdemir requires to recognize FX difference as a tax base (due to US$ functional currency); as US$/TL was on a slight downtrend, it had some positive impact on the tax figure.Eregli Demir Ve Celik Fabrikalari is engaged in the production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products, coke and their by-products.
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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