TRAKYA CAM 2Q18 - BETTER
TL298m NI 26% higher than cons while EBITDA of TL294m was in-line. Consolidated net profit surged by 102% YoY on the back of i) TL131mn investment income from revaluation of financial investments, ii) TL55mn one-off income from revaluation of 50% of HNG Float Glass’ shares as the value paid for the other 50% of the shares was higher than the initial book value of the subsidiary and iii) an EBITDA growth of 28%. TRKCM had a short FX position of TL33mn as of end-2Q18, consisting of i) US$43mn short position ii) EUR19mn long position iii) TL63mn long position in other currencies. We will revise our estimates in line with our new macro assumptions, full consolidation of HNG and new acquisition in Italy.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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