BGC Partners: FORD OTOSAN 2Q19 Earnings Review - in line, no changes to 2019E guidance
Ford Otosan reported 2Q19 net profit of TL410mn (-16% y/y), in line with expectations. The reported 2Q19 net profit is 4% lower than consensus and 1% below our expectation. The reported PBT at TL402mn (-20% y/y) is in fact 10% below our expectations, pointing to a PBT margin of 4.4% in 2Q19 vs. 6.1% in 2Q18 and 5.3% in FY18, due to higher than expected net currency losses that went through the income statement, under financial expensesFord Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).
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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