29 March 2005 -

Report Summary

Aksa reported US$ 28 mn net profit in its inflation adjusted CMB financials in 2004 vs a net profit of US$ 35 mn in 9M04, mainly due to worse non-operating performance as a result of the stronger TL in 4Q04, as the Company holds around US$ 255 mn cash, mostly in foreign currency. 2003 net profit was US$ 21 mn. The result is worse than our expectations.

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