22 May 2006 -

Report Summary

Significantly higher than our earning estimate of US$ 9 mn and the consensus estimate of US$ 14 mn, Tofas disclosed a net income of US$ 19.5 mn at its 1Q06 financials, which was also significantly higher than the net income of 1Q05. Tofas had posted a net income of US$ 9.1 mn in 1Q05. The main difference between announced and expected net earning figures is stemmed from unexpected increase in financial income due to the higher than expected cash position.

Please click here to display report.