Arcelik's Q3 Net Profit Falls Nov 12, 2008

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Turkish white goods maker Arcelik posted a large fall in third-quarter consolidated net profit to 240,000 Turkish lira (approx. US$149,400), due to the impact of the global financial crisis. Profit in the first nine months of 2008 amounted to 135 million lira ($84 million), down from the 173 million lira ($107 million) seen in the same period last year.

"These uncertainties experienced in the market are having a negative impact on the durable goods sector as they are on many other sectors," the company said in a statement. "The aim is for the negative developments in West European markets to be balanced out by other markets," it said.
It said rising raw materials prices had a negative impact on the profitability of its foreign activities.

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