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The Spaminator
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Ford Otosan Q1 net profit doubles, beats f'casts
Apr 28, 2011
Reuters


STANBUL, April 28 (Reuters) - Turkish automaker Ford Otosan (FROTO.IS) said net profit doubled to 142.8 million lira ($94 million) in the first quarter, exceeding forecasts as strong domestic demand boosted the sector.

A Reuters poll had predicted net profit of 126.5 million lira, compared with 71.1 million in the same period a year ago.

Sales in the first quarter surged 60 percent to 2.23 billion lira, outstripping a poll forecast of 2.08 billion. Sales reached 1.39 billion a year earlier.

Ford Motor Co (F.N) owns 41 percent of Ford Otosan, as does Koc Holding (KCHOL.IS), Turkey's biggest conglomerate.

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