Arï¿½elik reported that its consolidated net sales for the first 9 months of 2005 were U.S. $2.828 million, compared to $2.677 million in the first 9 months of 2004, for a 6-percent increase. The Turkish appliance OEM said 39 percent of its sales came from international markets.
Arï¿½elik registered a consolidated net profit of $179 million for the first 9 months. Net profit for the third quarter was $74 million, a 34-percent increase from the second quarter's $54 million.
On a year-to-date basis, Arï¿½elik said EBITDA was $309 million (compared to 2004's $336 million), standing at a margin of 10.9 percent (compared to 2004's 12.6 percent). The third quarter result of 12.3 percent showed an improvement of 230 base points compared to the first half-year result.
Arï¿½elik said it maintained leadership in the four main products it sells in the domestic Turkish market, with market share of more than 50 percent.
Arï¿½elik's investment in manufacturing capabilities in Russia, which commenced with the groundbreaking ceremony on June 28 of this year, is expected to start mass production in 2006.
This refrigerator and washing machine plant will have an annual production capability of 600,000 units. The company plans to invest 58 million euros (approx. U.S. $67.8 million) in the factory.
In November, Arï¿½elik's Arctic plant started production of chest freezers after an investment of 5 million euros (approx $5.8 million) in the production line. It is expected to have an annual production capacity of production 400,000 units.
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