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.

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