Turkish Sisecam Sees Return To Profit In Q2

Turkish glass company Sisecam expects to return to profit in the second quarter because of the appreciation of the lira and the rouble, its Chairman Ahmet Kirman told Reuters.* Maintains 3.7 billion lira 2009 sales target* Sticks to $500 million investment planHe said in an interview late on Monday the company was maintaining its 2009 targets of 3.7 billion lira ($2.4 billion) turnover and 3.3 million tonnes output."Our loss in the first quarter resulted largely from exchange rate changes ...

We expect to return to profit in the second quarter due to the gains in the value of the lira and rouble," Kirman said.

Last year, Sisecam sales rose 15.8 percent to 3.74 billion lira and it achieved a net profit of 158.7 million lira.

In the first quarter Sisecam announced a consolidated loss of 10.76 million lira, with its units Anadolu Cam showing a loss of 39.77 million lira and Denizli Cam a loss of 892,614 lira, while Trakya Cam posted a profit of 6.65 million lira.

Cut in the special consumption tax for the automotive sector and white goods had a positive impact on sales in the second quarter, Kirman said.

He said sales were also expected to benefit from an agreement limiting flat glass imports from China to 25,000 tonnes a year.

Sisecam exports in the first quarter of this year amounted to $160 million and the company was capable of matching its 2008 exports of $800 million in the year as a whole.

"Our general plan is to reach a consolidated turnover of $5 billion by the end of the coming five years. We target international sales of $2.5-2.8 billion," he said.

Sisecam was also sticking to an investment target of $500 million for this year.

"We have not given up on our investment plans. We are implementing our investments taking into account the impact and development of the crisis. We are spreading out the timing where necessary," he said.

Kirman said Sisecam was assessing a proposal from the Egyptian government on setting up a soda factory in that country.

Shares in Sisecam ended the morning session in Istanbul unchanged at 1.22 lira, while the main share index was 0.3 percent lower.

600450 Turkish Sisecam Sees Return To Profit In Q2 glassonweb.com
Date: 18 June 2009
Source: Guardian.Co.Uk

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