BGC Partners: TUPRS 1Q19 Earnings Review
Tupras reported a net loss of TL375mn (vs. TL378mn net profit in 1Q18) in 1Q19, worse than market consensus of TL248mn net loss and our expectation of TL288mn net loss. The company posted an EBITDA of TL789mn (-17% YoY) in 1Q19 better than market consensus of TL683mn and BGC estimate of TL609mn. Higher than expected production volume and white product yield resulted in a positive surprise on the EBITDA level, whereas hefty net financial expenses led to a weaker than expected bottom-line figure. We expect the earnings announcement to have a neutral 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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