28 October 2005 -

Report Summary

13% higher than our estimate of US$ 180.4 mn, Ford Otosan disclosed US$ 203.9 mn net income for 9M05. The company had US$ 287.2 mn net profit at 9M04 following a US$ 29.7 mn monetary gain, which did not take place in the current period due to revoke of inflation accounting. Our year-end net earnings estimation for the company is US$ 292.3 mn.

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