Carmaker Tofaş 3rd quarter profit rises 24 pct

Turkish carmaker Tofas posted a net profit of 157.9 million Turkish Liras ($55 million) in the third quarter of 2015 – an increase of  24 percent compared with 127.1 million liras ($44.3 million) in the same period last year, the company said in a statement late Nov. 4.

Tofaş, a joint venture between Turkey’s Koç Holding and Italy’s Fiat, saw sales increase to 2.27 billion liras ($793 million) in the quarter from 1.68 billion liras ($587 million) in the third quarter of 2014.

Sales were up by 34.2 percent, reaching nearly 7 billion liras ($2.44 billion) during the January to September period.

Tofaş, which employs more than 7,400 workers, manufactured 196,709 cars in the first nine months of the year in Turkey, with 126,610 exported to foreign countries.