Arçelik Results Strong Despite Unrest in North African Markets
Aug 15, 2011
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Turkish appliance maker Arçelik Group said second quarter 2011 results were largely in-line with expectations, with revenue up by more than 14% despite the negative impact of North African market unrest.

Overall group revenue for the first half of 2011 was 3,728 million Turkish Lira (approx US$2.1 billion), up 14.6% from revenue of TL 3,254 million in the first half of 2010. Gross profit was 31.0%, compared to 30.8% in 1H 2010. Arçelik's White Goods appliances business had revenue of TL 2,383 million in the first half of 2011, up 17.2% to TL 2,034 million in the first half of 2010. White Goods reported gross profit of 34.3% in the first half of 2011, compared to 37.9% in the first half of 2010.

Arçelik's Electronics business had revenue of TL 610 million, up 1.3% from TL 602 million in the first half of 2010. Gross profit was 22.5%, compared to 21.2% in the first half of 2010. Arçelik's other businesses reported first half 2011 revenue of TL 735, up 19.1% from TL 618 million in the first half of 2010. Gross profit was 27.4% in the first half of 2011, compared to 16.8% in the first half of 2010.

Arçelik expects to have stable or increasing market share in its key markets in the remainder of 2011.

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