July 23 (SeeNews) - Turkish fertilizers producer Gubre Fabrikalari [BIST:GUBRF] said its unit Negmar Denizcilik Yatirim A.S. has launched a ferry service between Eskihisar in the province of Istanbul and Tavsanli in Yalova province.
The ferry service is operated by Negmar Denzcilik's unit Negmar Feribot Isletmeciligi under the Istanbul Lines brand with three ferries with a combined capacity to carry 330 vehicles in the Eskihisar-Tavsanli line, Gubre Fabrikalari said in a bourse filing Monday.
Gubre Fabcikalari expects revenues of 70 million Turkish lira ($37 million/28 million euro) to 80 million lira and earnings before interest, depreciation and amortisation (EBITDA) of 35 million lira to 40 million lira per year from the ferry operations, Austria's Erste Group said in a daily note on Tuesday.
Erste Group deems the news neutral for the share price of Gubre Fabrikalari as the figures have no major impact on financials, and as slightly negative for IDO, a unit of Akfen [BIST:AKFEN] which operates the Eskihisar-Topcular ferry line, as the Eskihisar-Tavsanli line could be an alternative for the Eskihisar-Topcular line. Yet, Erste expects a limited impact on Akfen Holding's valuation.
(1 euro = 2.5212 Turkish lira)