Arcelik 1Q Revenues Up Slightly
May 15, 2013
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Turkish-based appliances and consumer electronics producer Arcelik reported first quarter 2013 revenue of 2,430 billion Turkish Lira (approx. US$1.332 billion), up 1.0% from TL 2.406 billion in the first quarter of 2012. Revenue in the previous quarter--the fourth quarter of 2012--was TL 2.644 billion. Arcelik's gross profit in 1Q 2013 was 30.4%, from 28.3% in 1Q 2012 and 28.8% in 4Q 2012.

Revenue in Turkey in 1Q 2013 was TL 1.080 billion, up 4.2% from TL 1.037 billion in 1Q 2012. International revenue in 1Q 2013 was TL 1.350, down 1.4% from TL 1.369 billion in 1Q 2012.

The company expects to see white goods appliances volume growth in Turkey of 4-5%, which is in-line with GDP growth expectations. Internationally, it expects growth of approximately 10%. Total revenue growth in Turkish Lira in 2013 is expected to be more than 10%.

Arcelik has launched a line of major appliances (white goods) under the Grundig brand name. The company believes it can leverage this consumer electronics brand name into increased major appliances sales, which will have a positive impact on 2013 results.

Arcelik is part of the consumer durables business of Turkish conglomerate Koc Group, and is a market leader in Turkey in many residential appliance and consumer electronics segments. Its Beko brand of appliances has a strong share of the appliance market in the UK and other European markets.

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