BGC Partners: TRKCM 1Q19 Earnings Review: Better...
Trakya Cam reported a net profit of TL149mn (-28% YoY) in 1Q19, better than market consensus of TL135mn, but in line with our expectation of TL142mn. EBITDA came in at TL288mn (+10% YoY) better than market consensus of TL235mn and our expectation of TL245mn. Despite a stronger than expected EBITDA figure, higher effective tax rate and a one-off expense of TL25mn prevented a positive earnings surprise. We expect the earnings announcement to have a slight positive impact on the stock performance.Trakya Cam Sanayii is a float glass manufacturing company. Co. produces and sells basic flat glass, patterned glass, mirror, automotive glass, tempered glass, laminated glass, coated glass, processed glass and glassware. Co. is a glass supplier for the construction, automotive, energy and home appliance industries. As of Dec 31 2014, Co. had two business segments: the basic glass category contains flat glass, coated, laminated, mirror and project glass; and the other glass category contains automotive glass, energy glass, white goods glass and glassware category of the foreign joint ventures.
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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