TURKEY: Ulker Q1 net profit jumps, ups stake in Biskot
Turkish confectioner and snack maker Ulker has reported bottom line growth of 13% to TRY51m (US$24.6m) despite negative currency effects for the first quarter of 2014.
For the period ended 31 March 2014, the firm also posted EBITDA growth of 14% to TL88mn thanks to "tighter expense management".
Sales were also up 11% to TL793m as a result of increased sales across the biscuit and cakes categories. Chocolate sales however fell due to price increases.
The firm also announced it is upping its stake in Biskot Biskuvi Gida by a further 30%. Ulker held a 43.5% stake in the business before the acquisition.
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