Turkey's Erdemir posts Q4 net profit up 55pc, misses forecasts

ISTANBUL: Erdemir, Turkey's biggest steelmaker, on Wednesday said fourth quarter net profit rose 55 percent to 387 million lira ($155.3 million) on lower raw material costs.

The profit was lower than the 416 million lira forecast in a Reuters poll of eight brokerages.

Sales in the fourth quarter rose 12 percent to 2.89 billion lira, the company said. Full year profit rose 74 percent to 1.6 billion lira on sales of 11.48 billion lira.