TURKEY: Financial charges push Migros Ticaret into red
Turkish retailer Migros Ticaret booked an increase in sales and EBITDA for last year but financial expenses hit its bottom line.
The company posted a net loss of TRL463.2m for 2013, compared to net income of TRL88.1m for a year earlier.
Other profit metrics improved. EBITDA grew 9.1% to TRL430m. Operating profit was up 19.5% at TRL236m.
Sales reached TRL7.13bn, up 9.9% on 2012.
At the end of 2013, Migros Ticaret had 1,004 stores. As well as Turkey, the retailer operates outlets in two smaller overseas markets - Macedonia and Kazakhstan.
Migros wants to strengthen its strong position in Turkish retailing, and to be a strong, regional retail chain, which ranks either first or second in the countries in which it operates. In line with i...
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