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Construction Picks Up

Construction Picks Up

Kategori  Kategori : Construction News
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Tarih  Tarih : 29 Temmuz 2011, 12:23

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As the real estate sector picks up and the global economy improves, Turkish builder Tekfen expects to finalize construction bids by the end of June worth almost $900 million in the Middle East

Tekfen Holding, a Turkish builder with interests in agriculture, finance and real estate, expects profit to double this year as construction picks up and the global economy improves, its CEO said on Friday.

Tekfen expects to finalize construction bids by the end of June worth almost $900 million in the Persian Gulf and Caspian region, Erhan Öner also said in an interview with Reuters.

The company expects profit to be 186 million Turkish Liras ($119 million) this year, Öner said. Tekfen on Wednesday posted net income of 91 million liras for 2008, 67 percent less than its 2007 profit and about half of the 184 million liras it was expected to earn in a Reuters poll of 13 analysts.

"We've started 2009 with a clean slate," Öner said. "With the margins that we have in hand for 2009, we expect our profit to be 186 million lira ... because we don't expect another crisis in 2009."

Tekfen Holding's construction company Tekfen İnşaat may post 1.415 billion liras in revenue this year, a 7 percent increase over 2008 sales, Öner said.

Its energy-related building projects in Saudi Arabia, Qatar and Abu Dhabi are worth $700 million, and it holds a 50 percent stake in a $360 million project for crude oil processing of Caspian oil in Kazakhstan, he said.

Boost construction backlog

Those new building projects will boost Tekfen's construction backlog this year to at least $2 billion from $1.3 billion at the end of 2008, Öner said.

Tekfen shares rose 4.8 percent to 3.04 lira at 1235 GMT. Increased lending costs as the lira currency declined 25 percent against the dollar in the fourth quarter was a main factor for Tekfen Holding's fourth-quarter loss of 127 million liras, Öner said. Its end-2008 forex debt was 331 million liras, according to a research note from İş Invest on Thursday.

Tekfen Holding also wrote down 62 million liras last year after being forced to sell stocks of fertilizers held by Toros Tarım, its agricultural unit, at a loss after worldwide prices slumped in the second half of the year.

Sales from Toros Tarım are expected to fall 9 percent to 1.01 billion liras this year, with tonnage down 7 percent to 1.3 million tons, Öner said. Its share in the domestic fertilizer market may fall by 2 percent after, he also said.

Talks with Socar, Azerbaijan's state oil company, on selling a 50 percent in Tekfen İnşaat, the holding's construction interest, remain on hold until September, when the two sides will decide whether to resume negotiations or cancel the agreement, Öner also said. Tekfen and Socar in January postponed the deal, which was initially worth $520 million when it was announced in September, because of poor market conditions and after oil prices dropped from a record $147 a barrel to current prices of about $52.

Reuters

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