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Turkey's Ford Otosan receives two new investment certificates.

Yesterday, Ford Otosan received two new investment certificates for its TRY 954.8 mn fixed asset investment for the Next Generation Transit project and a TRY 605.8mn fixed asset investment for the new light commercial vehicle Transit Courier. The new certificates are classified as a priority investment and will be eligible to benefit from the government's incentives for the Fifth Region. Accordingly, Ford Otosan will enjoy lower effective corporate tax rates. Recall that management said that the company would apply to the authorities to benefit from the incentive scheme. Separately, Ford Otosan (FROTO TI) will release its 1Q13 financials today. We estimate 1Q13 revenues as TRY2,532mn, +5% y/y, while we project its EBITDA to be TRY203mn, +9% y/y and a TRY180mn bottom line, +8% y/y. Bloomberg consensus estimates stand at TRY2,534mn for revenues, TRY201mn for EBITDA and TRY171mn for the bottom line.bne/Erste
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Publication:Balkan Business News
Date:Apr 26, 2013
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