BGC Partners - PETKM 1Q19 Earnings Review: Better.
Petkim reported a net profit of TL154mn (+17% YoY) in 1Q19, better than market consensus of TL107mn and our expectation of TL112mn. The company posted an EBITDA of TL289mn (+32% YoY) in 1Q19 better than market consensus of TL258mn, but in line with our expectation of TL278mn. Main deviation from our expectations were: i) stronger than expected top-line which was offset weaker petrochemical margins, ii) lower than expected net financial expenses and iii) lower than expected depreciation charges. We expect the earnings announcement to have a positive impact on the stock performance.Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
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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