August 5 (SeeNews) - Turkish motor vehicles maker Ford Otomotiv Sanayi [BIST:FROTO], or Ford Otosan, said its first-half net profit rose 31% to 346 million Turkish lira ($179 million/135 million euro).
The result was driven by the establishment of a deferred tax asset based on future tax benefits from investment incentives, the company said in a statement on its website on Friday.
Operating profit increased 15% to 341 million lira through June on the back of increased unit sales and revenue while earnings before interest, depreciation and amortisation (EBIDTA) were up by 14% to 430 million.
Revenue rose 10% to 5.5 billion lira through June as domestic sales revenue rose 2.0% to 1.8 billon lira and export revenue increased 15% to 3.7 billion.
Domestic retail sales volume was up by 2.0% on the year to 50,541 units through June, while domestic wholesale volume rose 1.0% to 50,202 units.
Export sales volume increased 14% over the review period despite the ongoing contraction in the European commercial vehicles market thanks to the diversification of the company's export markets and the success of its new models Transit Custom and Tourneo Custom, Ford Otosan said.
(1 euro = 2.5608 Turkish lira)