BGC Partners: Pinar Et <PETUN TI> reported a net income of TL2.1mn in 1Q19, lower than expected (BGC: TL17.0mn, no consensus available)
The main reasons for the weak bottom line are a) TL4.9mn “loss†from subsidiaries (YBP, Camli Yem, Desa Enerji and Pinar Foods) in 1Q19 vs. TL7.4mn profit in 1Q18, and b) weaker than expected top line and operational profitability. The company reported TL164.9mn revenues in the quarter (up by a small 2.3% y/y), below our TL180.5mn estimate. We believe that competition, especially from private label products, may have a negative impact on the sales volumes of the company.Pinar Entegre Et ve Un Sanayi AS is a Turkey-based company engaged in the production of meat and meat-related products. The Company carries out all of its slaughtering in its own facilities for the meat that it uses in the production. The Company exports its products to North America, Africa, Europe, Asia and Australia, to such countries, as the United States, Canada, Nigeria, Libya, Poland, Germany, France, China, Japan and Iran, among others. It has such associated companies, as Yasad Birlesik Pazarlama AS, Desa Enerji AS, Camli Yem AS, Pinar Anadolu Gida AS and Pinar Foods GmbH. The Company is a part of the Yasar Group.
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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