CORRECTED-UPDATE 1-Akbank weighs on Turkey's Sabanci Holding first qtr profit

Mon May 12, 2014 2:23pm EDT

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ISTANBUL May 12 (Reuters) - Turkish conglomerate Sabanci Holding on Monday posted a 27 percent fall in first quarter net profit to 403.2 million lira ($194 million), dragged down by banking unit Akbank despite a rise in sales.

Revenue at the conglomerate, one of Turkey's biggest companies, rose 20 percent to 6.37 billion lira. Excluding Akbank, revenues rose 63 percent to 2.54 billion lira, according to results filed with the Istanbul stock exchange.

Net profit at Akbank fell 25 percent, beating expectations but weighing on the parent company's results.

Sabanci Holding's listed companies include cement makers Cimsa and Akcansa, and tyre maker Brisa .

($1 = 2.0773 Turkish Liras) (Reporting by Ece Toksabay, editing by Dasha Afanasieva/Nick Tattersall and David Evans)

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