BGC Partners: YATAS 3Q19 EARNINGS – SLIGHTLY LOWER
Yatas reported TL24.9mn net income in 3Q19 (consensus: TL26mn, BGC: TL29mn), slightly lower than estimates… VAT cut (to 8% from 18%, re-initiated in October 2018) had ended at June-end, some of the sales of 3Q19 were shifted to June. Accordingly, in 3Q19, Yatas recorded TL283.4mn revenues (consensus: TL280mn, BGC: TL290mn), up by 15.8% y/y, but lower than TL318.3mn in 2Q19.Yatas Yatak ve Yorgan Sanayi Ticaret AS is a Turkey-based company engaged in the manufacture and marketing furniture and other related home furnishing products. The Company's products include bedroom, living room, children's room and dining room furniture, bedspreads, bedding sets, pillows, pillow covers, sleeping bags, towels and bathrobes, mattresses, quilts and blankets. Yatas Yatak ve Yorgan Sanayi Ticaret As operates three manufacturing plants in Kayseri and Ankara, and has over 400 sale points, as well as a regional office in Ankara. The Company exports its products to over 45 countries, including the United States, the United Kingdom, the Netherlands, Germany, Hungary, Bulgaria, Kenya, Russia, Romania and North Cyprus. As of December 31, 2010, the Company had two affiliates: Kay-Ser AS and Valya Mobilya Uretim AS.
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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