09 March 2006 -

Report Summary

Net earnings lower than expectations… 11% lower than our estimation and 4% lower than the consensus estimate; Arçelik disclosed an IFRS consolidated net earning of US$ 233 mn for 2005, indicating a 7% increase over the net earnings of 2004. The company had posted a net income of US$ 217 mn at its 2004 financial statements, following a US$ 51 mn net monetary loss.

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