07 September 2005 -

Report Summary

Dogus Otomotiv posted US$ 28.8 mn net income at 1H05, which is slightly higher than our estimate of US$ 21.56 mn and 18% lower than its 1H04 net earnings US$ 34.98. Decrease at the net income is in line with the 15% contraction at the sector. However, domestic market started to recover with the beginning of second half, so we expect Doas’s third and fourth quarter performances to be better than its first half performance. Our year-end net income estimation is US$ 56 mn, which is 3% over 2004 net profit.

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